By the time it was all over, the court fees, attorney fees ate up the entire EMD and then some --- this seller never intended to sell the house. 

My wife and I were in analysis paralysis for sure, but then the academy dropped and we were sure we wanted to get into RE, but didn’t know how and this course was WAY cheaper than comps that ultimately just try and sell you a conference that just tries to sell you… on and on plus like you said, we got most of our money back and got to keep the material. 

It would/could be only 15% capital gains tax and yes you could/would deduct all selling costs including commissions and transfer taxes.

Down payment funds may seem tricky to those who get lured in by the countless con artists on social media selling the notion 100% financing using other people's money is easy.

When you sell, interview as many as you need until you feel very comfortable with the one you decide to work with.real estate is a big investment, and for me it's long term, I don't want to have buyer remorse because someone isn't as knowledge as I like.when I was younger,  I was more willing or less experienced,  today I want the same level of knowledge as I offer when I help someone with their tax planning or when I prepar their taxes.....Show me your high level of knowledge,  you are hired.

UNTIL YOU SELL THE PROPERTY... then the cap goes away and you are taxed on the fair market value of the house which is usually the new sales price less maybe 15%.  

What if your flip does not sell?

Since your lender requires prior experience building and selling/refinancing a single-family residence (SFR) on your own property, you may need to adjust your approach.

If you ask a banana farmer if bananas are good for you, he will tell you they are absolutely necessary to a healthy diet . . . and he happens to have some he can sell you.You asked if you need an LLC.

He will be selling the project to buyers once completed and not interested in operating.How should I evaluate this deal from an investment point?