The amount of depreciation deductions declared during the operations phase of a property are brought back into the deal at the time of sale. 

***I really hope they can finish the "Riverwalk" someday -- it's such a waste -- I had a class back in 01 or 02 maybe my last semester of college in 03 that Jack Deboer (RE Development class) was a guest proctor at for one session - I was so enamored by the guy but as time went on saw he is so full of crap -- I think in the 80s he pulled a Donald Trump and got in over his head and declared bankruptcy and owed a ton of contractors money - after seeing how his development at the Riverwalk was so poorly thought out and executed I cant wait until he fades from the limelight -- he should be close - he has one foot in the grave and needs to retire. 

That is the reason why you want to do your flipping in an LLC.If something happens after selling the house you held in an LLC (like the seller coming back because the walls crumbled) and you get sued, everything that you hold (like the other 3 flips you got going) in that LLC can be at risk (e.g. a judge can put a freeze on your LLC accounts and all your flips will get in trouble).

A judge will pierce right through that stuff in a court room .

On other thing I've seen on several sights is how if you have multiple similar LLC's (like 10 LLC's for just 10 houses) the courts could tend to assume they are all 1 LLC type and if the suit proves true negligence a judge could decide against you and possibly pierce the veil.  

You're already seeing this on the other side of Port Richmond/ Kensington with developments like Kensington Courts at Frankford and Lehigh that is acting as the flagship for that area's serious development.19140 has historically been a rental market with no high price tag real estate since Philly hosted the World Fair in 1926 which coincided with the 150th anniversary of signing the Declaration of Independence.

You definitely should always get 3 bids so you can judge based on each other’s bids whether one seems too high or whether there is a number that all 3 end up  being close to. 

Judge their character and make your decision that way.

Have you ever thought about how much sense it makes to publicly post that you are thinking about not declaring all of your taxable income? 

Simply judging on the info you provided, I’ll tell you to stay away mainly because it doesn’t seem like you have the experience.