Also, what's the best way for taxes, should we set up an EIN to file or can we split (50/50 partnership) the profits/loss on our individual returns?

Just like others, i do not want to loose profits but i definitely don't want to charge too high risking vacancy.   

Just like others, i do not want to loose profits but i definitely don't want to charge too high risking vacancy.

I am sure there are plenty of flippers using HMLs or PMLs,  but do any of you actually partner on a project where you split the profits somehow? 

At that point, they could finish it and sell it themselves for the same profit you would’ve made, or I imagine they could shop it around to other investors that might want to finish it out.  

My main concern is that I will be making about $350,000 profit on sale and not sure how the transferring to an LLC will affect me tax wise.

thank you @Soh Tanaka i will be searching for profitable areas, any suburb/area you would reccommend?

The governments both local and on the state level make it very difficult for small business to keep any profit.

profit. 

First off, I think the Tax Court would view such a transaction as “running one’s personal services (here brokerage services, aka putting buy & seller together for a fee) through a Roth”, treat the profit on the “assignment” of the contract as personal services, treat the money in the Roth as an excess contribution, and penalize the taxpayer for failure to file the excise tax return (Form 5329) & failure to pay the tax thereon.In light of this case, I think that the Court would certainly view an IRA with an assignment deal as “not at risk” – all it has in the deal is $100.