For tax purposes, the profit is calculated as the sale price minus the cost basis (purchase price + renovations + transaction costs).

I hope everyone is well, I came here because I need expert advice from you guys, let me tell you my situation: I have a investment property that i purchased 2 years ago and is valued at 65k that does not have any mortgage and that is already paid off, I want to use that property to buy another one for down payment , the question here is: What is the best way to do it. a heloc or a cashout refinance and why. your response will be appreciated :)

Great question and great responses!

-At the end of the day, if it were me and I was a wholesaler (as opposed to a broker/agent) in this scenario, I would say that "as a courtesy", you can try to help and see if you can sell it to someone else off market, but you should not be expected to do a due diligence for the buyer, that's their responsibility, and you said from the beginning that you are not knowledgeable on land. 

This lack of response was a major factor in my decision to seek legal assistance.

Appreciate the response. 

My response is not political in nature...I'm very interested in what DOGE can accomplish. 

After speaking with other investors, realtors, and contractors here is what I came up with.I do not take responsibility for it, it's relevant for Pittsburgh PA only, and use it on your own risk and discretion.

What is your purpose of having an LLC?

Thanks I appreciate the responses!