My guess is you went to a REIA in Upper Marlboro.There are deals everywhere.

If so, you could continue to rent your present house to your friends while moving into the fixer upper and stay 2 years and you don't have to pay capital gains tax on profits when you sell.

Inventory on good looking fixer uppers is not so hot... lot of dogs on the MLS, but not many that look like good opportunities.

I just had a tenant in an upper unit have a slow draining kitchen sink.

Total Gut rehab estmated at 150k-200khttp://www.zillow.com/homedetails/30-Bradford-Ave-Montclair-NJ-07043/38680935_zpid/Recent comps: 4 Windsor Place, 4 bed / 3/1 bath 2,341 sq ft. acreage = .3, sold on 11/21/2011 for $769,000403 Upper Mountain Rd., 5 bed / 2 bath, 3,000 sq feet; lot = 15,000 feet; sold on 11/28/2011 for $740,000182 Highland Ave., 4 bed / 3/1 bath 2,178 sq ft. lot = 36,000; sold on 12/06/2011 for $740,000over 6 months:250 Highland Ave, 4 bed / 3 bath, 2,271 sq ft. acreage = .91, sold on 9/26/2011 for $620,000337 Highland Ave, 4 bed / 3 bath, 3,086 sq ft. acreage = .3125, sold on 7/28/2011 for $675,000Other known information, has below ground oil tank, that has pinhole leakage estimated at $6,000 (but you do not know till you get in there), seller has limited/no money to fix.

Owning real estate as an investment provides individuals like yourself (who perhaps are in the upper tax brackets) outstanding tax deductions against ordinary income to begin with.

The pdf Dustin provided is thorough and analytical, but he for obvious reasons be would be unable to post that much detail when he emails it out.With that being said, how would you suggest summarizing some of the key information in a professional manner for the body of the email without coming across with the "What are you waiting for You gotta get in on this one" vibe?

This is my first rental- and I ended up getting in an easy fixer-upper that will have cash flow matching the 2% rule (monthly income is 2% of purchase price).

I'm unfortunately not in a position to put a lot of money into a fixer upper right now, so that limits my options as well.

My intention is to sell my contract to a rehabber/home buyer interested in a total fixer upper (the house looked like it needed major cosmetic repair-can only wonder what's inside).Once they call back, I will pick up and....then what?!