Build home and sell

[Austin White]

Hi all,

I live in Louisiana and I'm looking to buy a vacant lot, build a house and sell it. I do not have my contractors license so I would be "self contracting" the work. LA law allows individuals to build there own homes without a license and can repeat the process 1 year after they have "established occupancy" of the house.

My questions for BP members are:

1. What is required to establish occupancy? Anything other than the piece of paper receivers when final inspections, etc. are completed?

2. What kind of tax implications are encountered with this strategy?

3. If you've had this experience, what went well and what failed?

Thank you,

Austin