You pay 10% penalty plus taxes (lets say state and federal of 25%) - so you are paying $70k in taxes so your $200k is now $130k.

Purchased 3 single family LTR over the last year or so.

So be careful.One work around that would be for you or your wife to form a single member LLC that can be taxed as a sole proprietor in NC. 

November to March tends to be the slowest leasing period so you are likely fighting that battle, but if you aren't at least beginning to receive more inquiries or having showings without tenants at minimum interested in a mid March/April move-in there are two potential issues: the home is over priced compared to competition or the property is inferior in condition.

She also lives in a neighborhood with an HOA, so she'll have to find out if they would have any issues with it too.Anyway, all things that need looking into.Thanks for the help,Pete

Check our site for live rates for both updated hourly so you can compare!

If this is your first flip with this person, put your attention on having everything operate properly.I have seen so many poeple worry about the profits that will appear but they let everything slip.Furthermore, why are you looking to partner?

This is a great place to learn and to connect with people so take advantage of all the great resources.

., so you can't get financing on a condotel most of the time.

Quote from @Beatrice Ontiti: I am so glad that I stumbled upon RTR because my experience has been exceptional!