I took a high interest loan with the intent of flipping the home and making a big profit.

I do work at Keller Williams, the nice thing about profit sharing at KW is that you don't have to participate if you choose not not.

There's too many completly legal ways to make profit.

You need to be able to sell it at a price so that you make a profit as well as the investor who buys it from you.

Then my wife to my surprise and joy suggested that instead of taking the profits and spending them all on the short term that we try to invest them in some other properties closer to where we live.

Of course there are a lot of "investors" who buy a rental knowing that it won't cash flow, but they KNOW that prices will continue to appreciate and they'll make their profit on the sale.

My partner who is very conservative started a new home construction in Arizona through a builder last year, by the time it was done, he flipped it for over a 46k profit.

Beyond that the trustee, to provide even more protection should be a corporation (preferably by me a 3rd party non-profit corporation).

[/list:u][list]If we went to an attorney to create the LLC, would we then spell out who is responsible for what and how we would split the potential profits?

As a volunteer for many different non-profit organizations it is important for me to give back.