BiggerPockets

Anything where you are reselling property within one year falls under the same tax bracket and has similar liability concerns, so I personally do them under the same entity.

The issue to consider is long term holds under the same entity that is reselling properties. If you elect to classify your entity or if the IRS elects to classify your entity as a "dealer" then you will lose some of the major benefits of non-dealer status (real estate as a capital gain or loss, depreciation, installment sales, and 1031 Like Kind Exchanges).

If you are planning on wholesaling or rehabbing to retail, even with no long term rentals, dealer status is something to carefully consider with a qualified accountant.

Generally, you want to handle your rehabbing and wholesalling transactions in a corporation in order to avoid getting classified as a dealer by the IRS,
For long term holds (anything greater than 12 months) an LLC is typically the preferred entity.

Also, which Corp would be the best one for wholesaling for For good tax breaks?

Whether you use an "S" corporation or a "C" corporation for wholesaling is really based upon many factors.
I will generally look at these issues when I am deciding which corporation would be best for my client: Is the client in a high tax bracket?; Is the main source of income coming from wholesaling properties?; Does the client have rentals?; How important are tax free fringe benefits to the client?; Does the client have a lot of real estate educational expenses?
Generally, if you are in a low tax bracket, you are not concerned about tax free fringe benefits, and wholesaling properties is your main investment revenue source then an "S" corporation is typically preferable. However, if you are looking for the best tax free fringe benefits, reimbursements for education expenses and you are managing other investment properties then a "C" corporation may be preferable.
There's not a one size fits all approach to proper planning.

Originally posted by Harrison Painter

Greg, I have not yet found a person who could tell me how many homes officially tag you as a dealer.

Is it defined in the tax code?

Harrison, there is not a specific number classified in the tax code. It is up to the interpretation of the IRS and the specific auditor looking at your transaction(s). It would be very rare for you to receive the "dealer" classification from one or two flips. Keep in mind that while there are some disadvantages to being classified as a real estate professional ("dealer"), there are also advantages such as unlimited passive losses against earned income (rather than just the $25k limit ).
Continue to do what you do and hold and own rentals while "flipping a few" and you (and I) will be fine.

Will B

Will and Ryan,

Thanks it's good to be here. I'm enjoying in getting to participate in the forums.