So, their attorney gets back to them with the new that (1) their dream of a “contingency” fee lawsuit is a non starter (2) that the process is going to be long, drawn out, and (3) that a $15,000 retainer would be required. 

Nice job on this property!

Some states will give the underlying land while others will give the land but expect the newer owner to compensate the old while still others would require the owner to compensate the person who performed the value add.

And THEN, the same $1 fee is required when doing a transfer to pay me their utility bills, so then I discounted those by $1 too.

Unless you qualify as a Real Estate Professional (which has strict requirements), your rental losses can only offset passive income.

You’ll have 45 days from your sale to identify them and you’ll have to buy enough of them, and only them, within 180 days of your sale to meet your 1.1M requirement, or face taxes.

@Marcus Stokes Starting your first fix-and-flip can be exciting but requires careful planning.

Despite the extra requirements we had plenty of showing and very little vacancy. 

Here are some additional comments to add - please be sure to read the last comment regarding making contributions to both an IRA and 401k.Can I set up a SDIRA if I have full-time job?

Great job and good luck to you!