@Muks M.Is the Contractor offering the 6% discount if you pay in Cash and s/he does not issue an invoice or receipt?  

They are also motivated to pad their labor invoice and up-charge the materials, since they get 100% of that side upfront, and it only costs them 50% on the back end. 

Originally posted by @Dan G.: Originally posted by @Steven Hamilton II:You will pay tax on the net profit in that state.

For quick flips like that, my team and I usually shoot for 20% ROI, which is what we need for it to make sense accounting for our investors, you're pretty dang close!

Originally posted by @Dan G.

In Ohio, as a landlord you have to give the tenant an invoice of the repairs within 30 days of moving out.

@Sunny Burns I certainly hope you invoiced them for the marriage counseling

You'll need to substantiate all of that with invoices/receipts and attach a statement of safe harbor election with your tax return and then you can fully expense those items the year placed in service. 

Insurance - I do have this recorded  Rehab cost - I do have this recorded with invoices  House purchases - I do have  Property tax - I didn't pay my taxes as yet, so I'm not sure with this 1.Am I ready to go to the CPA ?

It is hard to say what is a typical upcharge for repairs since those markups typically happen under the table ... guess you would have to ask the PM or the contractor marking up the invoices, but doubt they are talking.