You and your sisters did, so you and your sisters will have to report each person's share of the activity on your 2006 return.

I have taken courses from the big gurus, but I found that I have learned so much more about real estate investing by just talking to the local investors that are active in my market.

Ronald - Just because companies are active in your area does not mean they are competitors and viewing them that way creates a "scarcity" mentality.

For my business, I came to the conclusion that my seller financing activities would be focused more to investors and less to home owners.

SO thanks again- will keep an active posting to let you know how I go.

Seems to me each business activity should be well defined in its own entity.

It is the best way to create your own economy.There are two Special Forces brothers( active in Afganistan) who will be at Lonnie Scruggs Ultimate Mobile Home Bootcamp in Norfolk the end of October.We invite active military people to come to seminars as our guests for free.

Is there a specific IRS Form or place on a form where you elect to "aggregate" RE Professional activities?

IMO, none of these investment activities are good as totally hands off operations.If you don't vet every loan, you will end up with some very bad ones.

If you can explain to your buyers why it is such a great deal then you can still wholesale off the MLS.Example:REO property is listed as under contract on the MLS, suddenly it comes back active again after 30 days or so and there has been a big price drop.