This allows you to report the rental income and expenses directly on Schedule E of your joint tax return, simplifying your tax filing process.

Every little thing in the project should be in writing, even down to the door stops :-) See my tile spec sheet below ...Two problems with your post though - 1) In my experience, most problems come from the customer changing their minds constantly.

In your case, you are probably better off buying a break-even deal in Tampa then a deal with $200 cash flow OOS.

If you can’t do a 1031 to a non-income tax state, figure out a year when you will have lower income and tax rates ar as low as possible.

Purchase price: $107,000 Cash invested: $80,000 Sale price: $280,000 Sourced an off market fix & flip deal in the western suburbs of Atlanta near an area where I knew an Amazon facility was being constructed and buyer demand would pick up.

Preforeclosure owner finance wrap, paid off the default payments and taxes with cash and assumed the owners loan.

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There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.

This property was in terrible condition, however will a little vision and hard work it paid off.

I’m currently diving into the real estate world, focusing on finding off market deals and distressed properties as a bird dog.