Your profit will be treated as Capital Gains.But it will be Short Term Capital Gains instead of Long Term Capital Gains because you owned the property for less than one year and a day.You will report the transaction on Schedule D, Capital Gains and Losses, and not on Schedule C, Business Income, because buying and selling one house does not make you a dealer.That means that you will not be subject to Self Employment taxes.The tax rate that you will pay on Short Term Capital Gains will be the same as your ordinary income tax rate.I hope this helps.Good Luck.Michael Lantrip

Renting it for a year may be the difference between paying ordinary income tax and cap gains.  

Is there any way or device that can turn ordinary laundry machines into money operated such as a special receptacle, etc?

Before this, I mailed the owner a letter, other investors tried to purchase this same property to no avail...But , when I contacted the owner, the same neighbor put in a good word for me....Yaaass, we closed that sweet deal in 2 weeks...This same neighbor referred a tenant..She calls me if anything out of the ordinary takes place at those 2 properties..1.  

It will be taxed at ordinary income.  

One idea that I have read about, but never known anyone personally use it is this;Depending on tax brackets for ordinary income (interest) and capital gains, adjust price/rate as needed for best tax treatment. 

Most of my flips and rehab rentals are pretty ordinary.

Pay the fee and focus on closing more deals or increasing your ordinary income.

I was just hoping that me asking for closing on the land to be when building permits were approved to be out of the ordinary. 

The seller did not construct, or act as a contractor in the construction of, the residence in the ordinary course of the person’s business.