Also, I just saw this on a google search.Both the LLC and the S-Corp. are taxed in this manner, although in some states the S-Corp. must pay an annual minimum excise tax to the state.

Thank you-Levi

I now have a new relationship to add to my approved contractors list, and since then this GC has done 4 other houses for me.The Numbers: Purchase: $211,000 (cash)Rehab: $46,000WA Excise tax (1.78%) and sellers closing: $9990Agent commissions on resale: $16,650Sellers concession to new buyer: $7,000Staging fee: $1500SALES PRICE: $333,000Total Net Profit: $36,911NET Project ROI: 14.1%Not too bad of a deal for a simple cosmetic house.

@Daljit AjimalYou may want to reach out to Jason Ansel of Altro Levy & Associates.

I work in the vancouver market and have done a good number of deals.Your going to spend closer to $20k in closing costs 2.8% for excise and escrow %5-6 in agent fees and then add %1 for concessions in that price range and thats just to sell when your done.

Originally posted by @Levi Thornton:Who's working a deal, and what type are you working this morning?

I understand the lien cannot be attached to the real property, but rent proceeds being a personal property can be levied upon?

Originally posted by Levi T.:===15.2-5139Lien for charges.An authority may place a lien upon the real property of an owner only in the same manner provided by § 15.2-2119 and such lien may only be processed, recorded, and released in accordance therewith.An authority may contract with a locality to collect amounts due on properly recorded utility liens in the same manner as unpaid real estate taxes due the locality.

Levi T. 

@Levi Thornton thanks, sent you a private message.