Made my first real estate investment! Have some questions.

[Trevor M]

My background.

Work in ND oilfields rotationally, 20 days on 10 days off.

Im 22.

Short term real estate plan is flipping, Long term is saving until I can buy 50+ unit apartment building.

My first deal was a foreclosure 800+ sqft 2/1 on 1 acre. Bought for 17k cash (Actually cash advanced a few k to make it work, On an unrelated note, I would highly recommend SDFCU credit card, If you have a 720+ Experian you can cash advance at 6.99%)

Needs 6-8k in rehab, Ill be rehabbing it myself.

Short term plan is use it as a weekly cabin rental when im working in nd, live in it on days off.. Long term sell to someone from the twin cities, it's located in cabin country, WI. My home area.

I figure I can sell it for about 40k-50k after rehab.

Theres also a possibility of an addition and going 3/1 or 3/2. Its an L shaped place that would be conducive to an easy addition, but im not sure if I actually would make any more money on it.

On to questions. How do you all feel about value rehab? By that I mean using materials that might not be my personal favorites, but the added value to cost ratio would be better. Things like using granite remnants and refininshing recovered hardwood.

This is the first house I have owned, any tax things i should know? I dont suppose I could write off the cash advance interest?

Since I plan on selling it would the rehab cost be a write off?Would I need to form some type of business to take advantage of this?

Any other tips or advice is welcome.