This is one of those scenarios where I'm glad I've 'learned' to work with a good mortgage broker that can help me understand where the market may be headed.

It's another thing to pull something out of thin air and then not substantiate.

I have my primary residence that my family lives in with substantial equity along with the fix and flip house that we own outright, however the houses are not in an LLC.

I think that some years ago you had to pay 25% tax on your unrecaptured Section 1250 gain no matter what, so people have it fixed in their heads that you're going to pay it, and there's lots of misleading websites out there still saying that you're going to get taxed 25% depreciation recapture, but I think the IRS changed it somewhere along the line and that is no longer completely accurate, as discussed here:https://www.taxcpe.com/blogs/news/recaptured-and-unrecaptured-real-estate-rental-section-1250-gain and here: https://forum.thetaxbook.com/forum/discussion-forums/main-forum-tax-discussion/28485-is-the-schedule-d-tax-computation-worksheet-flawed

Have you looked at Coastal areas up north or in nicer areas like Hilton Head island in the south?

Next weekend, I'm spending a few hours in one of my units with a list of items that I want to check as we head into what I expect to be another brutal Minnesota Winter. 

I never want to be involved in any illegal activity it was just a thought that popped up in my head.

If you are planning on doing substantial work on the units and making them unlivable (no access to a bathroom or kitchen), there should be a provision for that allows you to evict them due to an unlivable remodel. 

Which means if you purchase and manage it correctly, you can increase the income and substantially increase the overall value (even allowing you to borrow against that future equity).But also, there's enough going on that you want to be sure that you do not misjudge or properly conduct your due diligence.Please let me know if I can help.Scott  

After receiving my license I don’t really know what the next best steps would be for me, and I am hoping some of you would be kind enough to share your experiences just starting out, and offer any tips to getting started or getting a head start in the business.