State laws/taxes/limitations for flipping

[Teren Cooley]

Hey guys, I'm in the beginning stages of learning to flip properties. Before I spend too much time looking and researching in specific areas I want to make sure I'm not gonna run into any huge obstacles along the way. For example, I've learned that the state of Vermont will impose a huge "land gains" tax on someone who buys and sells a piece of vacant land that isn't part of their primary residence within a 7 year period. There are also some states that require a judicial foreclosure if you finance the sale yourself and your buyer defaults, making the deal much more expensive and time consuming. Finally I know that there are some states that require you to go through a real estate agency for closings, whereas others will simply allow you to use a closing agency, saving you money on the process. Does anyone know of any more potential limitations that may make it too difficult to do business in some states. Or maybe the better question is, which states make it the easiest to do this kind of business? Thanks!