Complicated but possible and may save a lot of money. 

If it gets more complicated, consult a lawyerhttps://www.capitol.hawaii.gov...

So my tax situation isn't super simple, but also not too complicated that a competent CPA who handles foreign earned income(from a US employer) and K-1s would struggle. 

I think the hard part is that being my first BRRR project, it's complicated to do it all by my own, and I have hard time to source a reliable contractor to monitor the whole process.

Unfortunately, that's actually as close as the wrong lawsuit happy person stepping in a hole on your property and twisting their ankle- but an LLC would offer your personal assets {and other investments} safe)If it's just yourself taxes are not so complicated with a SMLLC (single member LLC) so that shouldn't be a huge reason not to use one as the protection benefits offset/outweigh the small steps during tax time. 

A complicated flip where we carry more risk (structural issues, total gut, busy road, iffy location, etc...) we are not going to buy it unless the numbers work for us too.

I've heard NJ can be complicated and very competitive. 

Without complicating it too much, I would aggressively pay off the credit cards.

Ahh, let's not complicate things, they say. 

There will be no taxes (it's more complicated, actually, there could be some taxes), but you also cannot pull out the profits.