He has multiple properties with mortgages all insured for a little over what the ACV is. 

I’ve read on multiple old posts that there is no need to create an LLC until you have a few deals under your belt (I’m sure they are referring to the aspect of shifting the liability off of you) curious how this works come tax season if you also work a W2 job (as I do and plan on doing) where your gross income from a property would be say 12k for a year but your net income or cash flow is only 1K.

Fictive example of a busy day:1x Home => Store1x Store => Job site2x round-trip Job site <=> another store1x round-trip Job site <=> Realtor1x round-trip Job site <=> Restaurant1x Job site => HomeDo I have to report each destination/trip?

Yes for wholesalers you can give sellers multiple options to wholesale or list, for investors you save a lot of money on commission if you are buying or selling multiple properties.

It will most likely take multiple contacts (letters, phone calls, etc.) before getting an agreement with someone. 

Once  the rehab is done do you have multiple ways to go.  

Obviously, our combined income could obtain us a decent loan with a down payment on a house, but for multiple properties, I am not sure how well we would fare.

Purchase price: $175,000 Cash invested: $26,875 Sale price: $220,000 This was a vacation rental in the Crystal Beach area of Destin.

Purchase price: $175,000 Cash invested: $26,875 Sale price: $220,000 This was a vacation rental in the Crystal Beach area of Destin.

Neither is innocent and I’ve told them both multiple times that they need to act like adults and be respectful of the other (music and noise to a minimum during the day and nothing at night as stated in the leases.)