I've got several with significant equity -- which I would like to pull out and use.  

Annexation, zoning, density, preliminary, and final plat approvals are examples of the steps associated with increasing site value.How much value is created is determined by deducting the "as-is" value from the entitled value.Establishing the entitled value involves determining and underwriting the Highest & Best use of the site and applying a residual analysis.A residual Land Value Analysis is conducted by establishing the built-out value of the project and deducting everything from the total value BUT land.The generic formula Total Sales or Capitalized Value - a Target Project Proft - commissions & closing costs = Residual Project Budget - Site Cost - Hard Cost - Soft Cost - Finance Interest points and fees = RESIDUAL LAND VALUE Residual Land Value is the price that can be paid to acquire the property that is supported by the Project planned to be built on it.One of the most important factors in doing this analysis is an Income-Driven approach.

Looking for some info on timeframe, permitting fees, building fees, etc.

If after the flips we pull $40k out and reinvest the remaining profits with our original capital, do we get to choose which member to allocate the $40k income to avoid self employment tax on my remaining cap, or would it split and I pay self employment tax for both social security and Medicare and my spouse only pays the Medicare tax?  

you will also need to know the HOA or Condo fees, which can be quite high, to figure out if the numbers will pencil. 

(especially in NOVA Area) If you do that you'll be like many others as you say who want to get started but ultimately don't pull the trigger. 

I'm starting to get anlysis paralysis and i like to be very prepared before pulling the trigger so having some more advice and someone to talk to would be awesome!

You still need to send 1099s to all DBAs, LLCs, and partnerships.Commissions and fees paid at closing to licensed realtors and mortgage brokersPayments for purchasing all kinds of goods, materials, and property, including real estate itselfRepayments of loansI do not have my contractors’ SSNs – what do I do?

As far as fees. 

I also came across a service called BNBCalc that looks promising (they pull their data from Airbtics it appears), but first wanted to ask you all.