Flipping is a self-employed job with high risk and high transaction costs.By the time taxes and agents are done with you, the juice is rarely worth the squeeze.   

I am trying to figure out if this setup would be treated as a substantial service subject to schedule C, or if I could use Schedule E.

Typically with a property this size you require the schedule E tax transcripts of the seller from the IRS.

I pitched this idea to another E-5 that just moved out here and doesn't have an apartment yet.

The first person gave me a 200$ deposit via e-transfer after I told her we accepted her application.

Let me know if I can add you to my buyers list, if so, message me your # and e-mail.

Here's the link for it  https://www.eventbrite.com/e/momentum-meetup-patten-law-firm-greentree-foundation-tickets-29312708099

If someone comes to me, I'll send them your way.If you need help in your search or want to verify something don't hesitate to ask.For example: I have clients worldwide and things are just as easy as I e-mail them, talking on the phone.

@Carolina E.

(no labor cost in the figures) when I rehab a new property i buy we generally put in a new water heater, if the furnace is 20 years old it gets a new one, (order from e-barnett.com)  you would need about a 70,000 BTU furnace, they run about $550 for a 92% high efficiency shipped to your door, (plus install)