Updated over 7 years ago on . Most recent reply
Personal residence flip?
I own a home already. My friend does not, but we are interested in flipping a house. Would she (we) be able to buy a house in her name with 5% down with a conventional loan, remodel it, and then sell in 5 or so months?
I guess the questions I have are:
1. If it’s conventional and not fha, do you have to live there? And If so, for a year lIke FHA?
2. Short term capital gain tax is under 366 days owning the asset right?
The goal is to do a flip without putting 20-25% down if that’s possible. Just trying to think of ways to make that happen. All feedback is appreciated, thanks!