But if you're flipping here's some of the common general ledger accounts you will need.Revenue:Rental Income (in case your rent it before you flip)Sale Income (sales price when you sell it)Expenses:RET (Real Estate tax expense)Insurance ExpenseHOA Expense (if applicable)Interest Expense (if applicable)Depreciation expense (if carried over multiple years)Assets Fixed Asset - Building/home/condo (whatever you purchase), this should include all the costs associated with the purchaseFor your rehab, anything that essentially increase the value of the property should also be capitalized as a separate fixed asset (i.e. new stainless steel refrigerator, tile, new vanity etc) Inform your CPA as each will have different depreciable lives per MACRS, and this will be important if you carry for your flip over two different tax years.

The home is described as having granite and stainless steel appliances.  

I always replace the hot and cold water clothes washer hoses from the rubber ones to the stainless steel.

I'm going to see tomorrow if I can use steel wool to salvage some solid wood oak cabinets that are not in bad condition.

Hi Everyone,I started as a Buy & Hold investor then I became a Realtor and what I have learned from both side of the coin is that you have to be very diligent when viewing properties.  Pay even more attention for ...

I put up shaded parking spaces in front of my duplex (steel girders and UV cloth shade sails) and they were a HIT!  

It was the BOOMING city in the 70's and 80's for it mass steel production and many football championships than.

So when you sell one, or pay one off, you free a slot up.5) Portfolio, it's all a trade-off between interest rate pricing and difficulty to get it.

One major number I'm missing is how much it would cost to rehab to get me up to the increased rents, but it wouldn't be a stainless steel, top tier type upgrade.

That's practically impossible.A busted main sewer line is one of the major expenses that come bundled with buying aging property, like a roof with multiple layers of shingles or galvanized steel water piping that's rusting into it's internal diameter.