From a tax angle, flipping is treated as active income, so once you start doing consistent deals you will want the right setup, often an S Corp, to avoid paying more tax than you need to.The best first steps are to learn how to analyze deals, build your team (a lender with creative financing options, a real estate agent in the area you're interested in, and maybe a CPA), and understand your numbers so your first flip is profitable after taxes.I just sent you a DM with a resource that might be helpful for you in this situation, so feel free to check it out.

I'd rather pay an expert a bit, understand the scenario as much as possible and avoid any snowballing problems. 

Avoid These First-Time Flipper Mistakes• Underestimating rehab by 20–30%• Not budgeting for holding costs (Baltimore permits can drag)• Ignoring foundation/joist issues, extremely common in Baltimore rowhomes• Buying on the wrong block because “the numbers looked good”Out-of-state flips succeed when the team is strong, not when the spreadsheets look pretty.5.

I wasn't "planning" on being a landlord but here I am, working my way into my first rental and wanting to avoid as many potential mistakes as possible

They do not plan on using a management company and would like to avoid the $800 a year fee in CA to maintain an LLC but understand that may be necessary.

Absolutely have a smart thermostat in any mid-term rental.Accepting pets will make you more and will help you avoid vacancy, but it comes at a cost.

.• Building relationships: By showing up consistently, agents can connect with buyers who need representation or sellers who want to avoid foreclosure.2.

@Olana BurgessThe best practice is to avoid wasting money on unnecessary title transfers in the first place.

That’s how you keep your margins and avoid surprises.

Our leases auto-convert to a MTM after 1 year and I prefer that; if I have to evict (rare) I terminate the tenancy at the same time, which is easy on an MTM and avoids a prolonged process.Most of our tenants have been with us for several years.