We have tried to fight this with the city to no avail - they refuse to lower the taxable value of the property. 

And the U.S. federal government might resume some kind of farm crop price supports in this current Recession, so farmers will keep farming-feeding people.)

Just because the IRS doesn't receive a 1099 for your crypto activity doesn't mean there isn't a taxable event. 

Changing the use of a property does not create a taxable event.

Flip is definitely doable, so long as all the rules are followed (https://www.biggerpockets.com/member-blogs/9734-the-self-directed-investor).In the current environment, you would also want to explore options created under the CARES Act that provide greater flexibility.There are likely going to be multiple routes to consider for using funds that are currently in tax-sheltered retirement account either (a) to invest in real estate in your own name outside of the retirement account - by pulling the money out through distribution or plan loan or (b) to invest in real estate in the name of the retirement account within the retirement account, each with different tax attributes:Taxable Distribution w/ 10% penaltyTaxable Distribution w/o 10% penaltyCoronavirus-related distribution (no 10% penalty and tax-management flexibility)Non-taxable plan loan to invest in your own nameInvest within a retirement account (e.g., IRA/401k/QRP) w/ no personal income tax liability@Yonah Weiss ALWAYS a HUGE honor to be mentioned by you!

You'd generally be increasing complexity for tax with no corresponding benefit increase  Generally, with both of you as owners you'd have federal and state partnership returns. 

If you live there for a few months, not even the entire time you own it and you list it soon as you finish the project then they are probably going to consider it taxable income

@Stella Xu that’s insightful and I think you are correct it’s just a matter to what degree.A lot of folks already commute from suburbs so they’ll just stay put another factor driving this will be a desire to be in less dense areas (reduce the odds of virus transmission)I think you answered your own question you’re j going to see continue migration south towards Florida Texas maybe South CarolinaI’m still concerned about long-term employment impacts to the real estate market... once the Federal Reserve stops printing money abd forbearance periods end

With the road improvement has the state approved the project and ALL funding tranches are ready to go (federal, state, county, city, etc.)?

You can agree to run all taxable income through the LLC, and your partners would technically have a legal right and claim to the property proceeds depending on how you structure the agreement/operating agreement.