I understand when purchasing/titling properties and therefore holding or selling properties, in the name of your LLC, you create and operate a separate and distinct entity. 

They are in their 60s now and have adult kids , but just those two smallish buildings were able to create generational wealth.

Basically, a FLIP funded with income-producing RE passes on net income (rents) initially and then, at a point that you specify when you create the trust, the trust will 'flip' to paying you a flat rate of income based on the trust's total value.

She also stressed  the importance of getting a sofa bed to increase the number of occupants so you can charge more.As for furniture, I would also recommend looking on Craigslist and garage sales for more unique and higher quality furniture than what you would get at IKEA...Good luck!

Both of my parents are tired and want to get out of this property since they don't want to live in it.  1031s are new to me but since they require you to purchase a home at the same value or greater it has created some issues for my parents. 

Despite all of this, she will still be the sole employee of her S-Corp and we are finding out that even though she is exempt from CA withholding and CA taxes, unemployment insurance, and disability insurance, that she still has to create an account with CA and file quarterly and annual tax forms.  

Check your state laws on how long it takes to create a prescriptive easement.

What I wrote above does not create an attorney/client relationship between us.

I certainly would create an even hotter market in DFW !

But because I don't know which state I want to begin in, I haven't created my LLC yet, thus no funds.