If anything, I THINK it will be much simplier with just yourself or one LLC otherwise i THINK you'll need to file corresponding state tax returns. 

If you have or will be setting up an LLC the LLC/partnership takes the loss which is carried over to the personal tax returns 1040's.

Rinse and repeat the process above but keep learning other ways to invest, you can not do all flips because this will be taxed heavily, if you build to many airbnbs you will run out of cash, despite having good cashflows, if you do to many single family houses for regular rents, you have to wait few years to get a big payday and you barely cashflow. 

Finally, if you wait too long to transfer the property from personal to LLC there may be taxes on transfer.The transfer is called a "Quit Claim".

One partner insists on doing things as a C-Corp for tax reasons.

Are there are two property tax bills and two separate lots?

Do you see more value in having a CPA in Colorado (where the house is and last year's taxes were filed), or Minnesota (where we now live and will file in future years)?

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Quote from @Oscar Garcia: does anyone knows how much a attorney will charge to do llc operating agreement to s corp they charge me around 2000 is that price is right  Are you talking about actually changing the legal structure from and LLC to a corporation (then making an S corp election), or are you talking about the LLC making the "check the box" election to be taxed as an S corporation?

However, once I realized I'd have to pay short term capital gains tax, I decided to keep it for at least a year and when the market is piping hot again, I'm going to sell it.It sounds like you are getting some traction.