., whatever's left over I *believe* gets taxed as ordinary income.  

For a high level, when you sold your partnership interest, you generally determine the taxable gain or loss, its character (ordinary or capital), and holding period (long-term or short-term) by reference to the partnership interest—not by reference to the underlying partnership assets.Get a professional, please. 

Purchase price: $85,000Rehab: $60,000 All-in: $$145,000Current ARV: $180,000I just refi'ed and was able to cash out $135,000 so a little cash got locked into the property.The house literally needed everything from foundation repairs, to a new roof, all new plumbing, electrical, and a full interior gut.This property was initially 1600 sf, but it had a courtyard patio (house had a U-Shape layout).

This means the profit is taxed as ordinary income (not capital gain) and subject to self-employment tax.If, however, you're portfolio shows a history of rentals, you intended to get into this property as a rental but ultimately decided to sell for whatever reason, and this "flip" is not a regular occurrence, you may be able to avoid classifying it as a flip subject to ordinary income and SE tax.Definitely make sure to speak to your CPA to get specific advice on your personal situation.

Account Closed said, gains on the sale within a year of purchase (short-term capital gains) are taxed at your ordinary income rates.

@David Sisson Probably the job is not giving him enough money, but &18,866.20 is an easy job for him to move on. like I said before it was nothing out of the ordinary.

If I use a crowdfunding company like Reality Shares, or Groundfloor, and I receive interest in 6 months, it is considered ordinary income for taxes.

Security deposits do not belong to the owner until/unless the tenant leaves and there is damage beyond ordinary wear and tear. 

@Dan TrinhYou are not required to create an entity to deduct expense on your tax return.If you do not create an entity - the profit of the sole proprietor will be reported on your individual tax return.For an expense to be deductible it has to be ordinary and necessary to your business. 

@Jesus Ramirez Income from wholesaling is treated as active income, subject to self-employment tax in addition to regular income tax (at ordinary rates).An LLC is one option but your entity structure should be decided after a full analysis of your situation by your CPA and attorney.