If you can't keep control of your personal finances, you are highly unlikely to succeed in real estate investing.

Though a cost seg study doesn't increase your chance of audit, if you happen to go to audit it would be very tough to defend as a lay person. 

I invested in 7 syndication funds in 2023 as a limited partner with the expectation that I would generate first year losses from cost segregation that I could use to offset my gains on my personal real estate investments (self storage). 

No there is still one person living there right now. 

Typically that's the roll of a business broker vs real estate agent, although sometimes one person does both.   

Hoping to start flipping homes personally as well! 

You may know this already, but out-of-state investors are also sometimes surprised by Texas’ “high” property tax rate (but no personal income tax).  

Love hearing about the personal goals as well!

However, the value of your labor generally cannot be included in the cost basis for depreciation purposes.Accelerated Depreciation: A cost segregation study would identify components of your property that can be depreciated over shorter periods, such as personal property and land improvements.

My first two properties are still in my personal name and I actually need to switch that up finally, so thank for the reminder.Nonetheless, you can definitely still open up an LLC, I just try to avoid putting the cart before the horse.