You get to keep all the money and potentially roll it into the next property and after you rinse and repeat this process for a few properties you will have enough cashflow to buy units with just that income and almost no risk.Con- you will not be using the most powerful real estate asset which is leverage.

I'm looking to meet my equity requirement with non-liquid assets. 

If I can make it work, it would save me a substantial amount of taxes.I would then plan on taking those funds (profit from the flip) and either (a) investing it in other self directed eligible assets (RE, LLC interests, etc.) or (b) transferring it back to a traditional brokerage firm and to simply invest it in equities.  

And do not assume everyone on BP is a good guy.Switch to other asset class.

A millionaire has assets that are greater than liabilities by $1,000,000.

There are also less buyers in this asset class, so this type of property is less liquid (meaning you can’t necessarily just sell if things aren’t going well, you may be stuck with it and they can also be hard to find anyone willing to manage).

I'm interested in fixer-uppers, C-class assets in a B-class area because I'd like to operate using the BRRRR strategy.

The original value of the deposit they are leveraging against (performing assets in their bank) are compounded over and over. 

Approx 1/3 of our assets are in rentals, so an advisor that is also a real estate investor themselves is preferred. 

@Kal Airey - protection from personal assets is the number 1 reason.