LLCs and 1031
Ok so here is my question...I'm just getting started out in the idea of real estate investment and whatnot. I am only 27, a lawyer and I work a 9-5 that I like. My mother is closer to retirement age and has wanted to design and flip houses her whole life. So we started a little LLC with just the two of us. We want to flip houses, and maybe down the line get into having a few rental properties. Now don't let the fact that I have a legal background deceive anyone...Basic Income Tax was NOT my strong suit and I barely passed the class in law school! So while ultimately we will have the help of a CPA when we file taxes (haven't even purchased our first property yet), I am still trying to get a grasp of capital gains taxes on investment properties, when you can use 1031 form, etc.
Any information pertaining to those issues with regards to an LLC would be so helpful and appreciated!!
Thanks so much!