Regarding depreciation - it will depend on if the units were "in service" at the time of the rehab.There is regular depreciation, bonus depreciation and potential immediate write off with some safe harbor.If you did the tax returns yourself, you may want your future accountant to review your prior year tax returns.

You then need to weigh the benefit of taking this approach versus regular transacting as an agent.In most states that I know of you are not required to be a REALTOR.

@Rolanda Eldridge We love raw land.I use landwatch, zillow, trulia on a regular basis and sometimes eBay to establish comparison values for vacant land.  

Typically the depreciation threshold you want to look at is $500 provided you do regular bookkeeping.

In the following from the IRS website on the Net Investment Income Tax the word "regular income" is used.

The brokerage is what will help her learn from brokers/agents who are successful and close deals on a regular basis.

Your local courts also could have sympathy toward regular tenants as well.

Regular paint is a waste of time.

Anyways, once in the LLC, I am looking to get an umbrella policy for the LLC, however from what I have read an umbrella policy kicks in when the regular insurance runs out.

So you sign a regular purchase agreement with the first party, and a sales agreement to the second party, and the title agent will give your check in the middle.