There will likely be a partnership return required where you flipped a house with a partner and lost $120,000.If you sold the other property within the same partnership, it will also be reported on that partnership return.The net result to you is that you will receive a K-1 showing your income / loss which you then use to report on your individual return.If you made no money within the same year, you likely pay no additional taxes / get no additional refund.Best of luck.

If they pay late now as is, let's say they lose a job or have a temporary loss of income, you're kind of SOL.I would look to build reserves between now and August.

If I read the story correctly, your client did not report rental income.

Renting part of the home after conversion provides additional income and deductions.This post does not create a CPA-Client relationship.

St Cloud MN Duplex, list/purchase price $259,900market rents $1,610 per unit BUT yes, if one really wanted to sec8 income standards are $1,957 per unit so one could go that direction if wanted be.

Thanks for the feedback; some quick stats: 9 doors across 4 states, about 50% LTV ratio with a Net Income of about 17% and cash on cash of about 3%.....in fairness those numbers include some overall business expenses not tied directly to one specific property.

Locally my observation is that the need is more for low income young and working vs college student.

Most new construction deals require you to give up to a 10-year warranty on some items while most fix and flips come with very little extended liability after the sale excluding gross negligence which is not stopped by an LLC in any case.

Due to the university there I worked with a lot of incoming families and getting what they needed for their dorms.  

Expanding your portfolio, streamlining tenant management, diversifying income streams, building a network, and planning for growth are also recommended.