You're going to need the advise of an accountant. You also might need to create an entity like an LLC.
To elect Section 475 MTM, follow this two-step procedure:
1. File an election statement on time. The MTM election statement is one simple paragraph; unfortunately the IRS hasn’t created a tax form for it.
2. Existing taxpayers finish their MTM election by filing a Form 3115 (change of accounting method) with their current-year tax return. A 2011 MTM election filed by April 15, 2011 is reported on a 2011 Form 3115 filed in 2012 with your 2011 tax returns. New taxpayers adopt Section 475 from the outset; they aren’t changing their accounting method so they don’t have to file a Form 3115.