@Felix L PerezIt is okay if you are not proficient in tax - you can easily hire a tax accountant to help you.I am not good at plumbing and I would never dare to try to fix my plumbing issues.If you are involved in a flip that you acquired the property in 2018 - there won't be any benefit that you can use to do on your 2017 return.Expenses that are ordinary and necessary are deductible.

This is a more complicated strategy that involves the use of a non-recourse loan for the IRA, as you may not pledge a personal guarantee. 

I plan on purchasing mf in the downtowns of the cities surrounding Houston, mainly those with a more “Americana” type of feel( white picket fences, 4th of July block parties, neighbors worship together, founding families are still around and they let you know it, high walkability score, families are out on the street with neighbors, doors are unlocked.....)It is tough to comp certain property because they might be the only type (or one of the only two) AND some of these towns do not allow any more MF to go up, so the MF owners set the market.

The tenant mailed out rent and accidentally sent it to the wrong party.

Regarding your question: The court in the past have looked at these intents:  The agreement between the parties and their conduct in executing its terms; The contributions, if any, that each party makes to the venture;Control over income and capital and the right of each party to make withdrawals;Whether the parties are co-proprietors who share in net profits and have an obligation to share losses;Whether business was conducted in the joint names of the parties;Whether the parties held themselves out as joint venturers; andWhether separate books of account were maintained for the venture.In more complicated cases, the court has ruled what you are expecting, but there were some significant differences. 

What are the other cost involved beside the development cost.Any help would be appreciatedThanks

You are kind of late to the party.

Your purchase price should maybe be +/- $2000 from the appraisal price, but typically you should pay the appraisal value.Everything should be in-house - rehab work, management, etc - a turnkey company shouldn't be making you sign a contract for a third party management company because then they aren't really accountable to you long-term, the PM is.Beware of scarcity or scare tactics in sales.

Rental rates are through the roof right now, so a buy and hold on this type of property is a rather sound strategy... even if using a third party management company. 

I've been wondering the same thing myself a lot lately but the nice part is that if you can keep that low, you can pull your money out for another property!