It would/could be only 15% capital gains tax and yes you could/would deduct all selling costs including commissions and transfer taxes.

However, my take on this is they did not do sufficient due diligence on many fronts, including city government challenges, operating challenges, infrastructure challenges and marketing challenges. 

The client will be solely responsible for capital gains taxes, including depreciation recapture, regardless of the agreement to share proceeds.

However, I noticed that as a Costco member, they also offer HVAC services, including the same product line (Lennox), along with a 10% Costco Shop Card if you go through them.Has anyone here used Costco for their HVAC needs?

Future deals should include a 10-15% buffer for unexpected rehab costs.- You should consider some other lenders.

You must must disclose to the seller everything including that you are selling it to someone else and how much money you are selling it to that end buyer.

In that they will detail the scales they use, including at which level of renovation it's possible to get things "reset" so it is appraised as if it is a new built property.

I'm wondering how much specifics I need to include for each line item. 

@Robert McKay, yes, I believe it was for IL tax withheld for those of us who chose option 1 (to be included in their IL filing).

I am in the middle of finishing 2 flips there and have 2 long term Holds there as well.