More recently I just spent another $15K renovating the downstairs unit after that tenant moved out.To add insult to injury I paid above market value for the property when you include all the closing costs, and now I have $35K more in it, not to mention 2 months of lost rent due to the abatement.  

Pull the trigger and make it happen!

Run your analysis, if the exit strategy fits the current pro forma then pull the trigger

I’m incredibly interested in flipping, in fact I’ve already found a property that would be a great flip but I’m not ready to pull the trigger just quite yet.

Check with a CPA of course, but I don’t believe an LLC conversion would trigger a tax issue. 

They may suggest that the environment is ripe for a recession but a recession needs a trigger to start it, so until that happens, there won't be a recession.

This is the fastest way that I found comfort in pulling trigger quickly.

This doesn't trigger the same red flags as transfering a property directly into an LLC.

I will do that.I dont plan on amending every time assessment.Im just concerned because the first value that i used initially is way off.But i guess, amending it will just trigger audits, etc.Thanks Bill!

Thus a lender might pay the taxes, but that gets added that to the mortgage (being behind in taxes might also might trigger them to call the loan, since paying the taxes is usually a requirement of the mortgage).