Fees when selling an off market property

[Kevin Myhre]

Hello BP Community!

I recently purchased a property with cash (no mortgage) and I own it in an LLC. I have title insurance on the property through the LLC (if that makes a difference). My plan for the property was to rent it for a year and then knock it down and build a new home to flip. On closing day I had the neighbor come over and tell me that he would like to purchase the house. I would make a decent profit in a very short time period so I am entertaining the offer. My question is what fees, besides legal and transfer tax, would I have to pay when selling this property? Also, what kind of taxes would I run into with this sale? I want to make sure I do not run into any surprises that makes the deal not make sense. Thanks!

[Kurt McDowell]

yep