And must be pretty significant unreported income if it would have caused $45k in state tax liability.You advised your client to wait past the expiration of state statute.

From a tax perspective, you'll want to take what you paid for the property plus calculate the improvements you made to the property during your time of ownership.

After meeting with a number (like 8) different contractors the quotes i got back made the deal, not a deal (i think). 

Hey everyone, I finally decided to make a post after months of following BP.

Because people can be a bit fickle at times, I'm worried that I will schedule an Open House and no shows up even after confirming that they were coming. 

a lot of people will poo poo this, but I also live in a market where cash flow is low, property taxes are high and properties are expensive (which is a relative term).

Right after I closed on that one the insurance company demanded I make a couple thousand dollars of repairs.

Deal with it.Correct me where I'm wrong but Novations can be executed by either a Power of Attorney being given to the investor or by an investor just doing the paperwork, both being done after they secure their interest with an option contract (unless there's some other creative thing I haven't heard about yet).

Then starting getting after it, and forming a strategy.

You may be able to deduct mortgage interest and property taxes before the property is in service.