Any time you are looking for updates to your build, we have a dedicated email for you to send requests to – we ask for 72 hours to respond because we have many builds, clients, permits, jobs, etc. that we are tracking and working with on a daily basis– and of course we value every relationship.

Bottom line, make it so that you never need the seller again after the transaction is closed.

If you sell the property, a lot of the $107K cost will be eaten up in transaction cost.

I called and emailed Nomad daily and could not reach a live person, even in an emergency.

The IRS views this as a related-party transaction, and deductions like rent paid to yourself wouldn’t qualify.

And nobody is telling a lie in the transaction. 

This helped our CPA know exactly what transactions related to the house.

It's not hard to understand the disqualified party rules and prohibited transactions. 

Be mindful of a gift tax implications if you sell a house for less than FMV.Also be mindful of transactions between related parties when selling at a loss.

Quote from @Adam Macias: Wholesaling as it is today will be a thing of the past.It’ll truly be strange to even hear people and gurus trying to make big money off it.The more people try wholesaling but then end up not having an end buyer or cancelling contracts or trying weird things like novations, the more all of real estate will be regulated and cause requirements like licensing to be able to transact more than just your personal resident purchase.Which I don't know why hasn't happened sooner.Here's all the states (in red or yellow) requiring a license to wholesale or at least have started the process:Credit: REITipsterI think licensing and regulation is a beautiful thing that should happen if you plan to be an wholesaler and do more than one deal... which is going to be the case for anyone taking this business seriously.Or even it being regulated to need a real estate agent to do more than one deal outside of buying a personal residence.I've had plenty of failed attempts with agents in pursuit of wholesale deals and I know exactly why, it's not because the agent couldn't find me deals, it's just not practical to think there's opportunity for the numbers a wholesaler needs to make a profit on top of everyone else needing to these days.Because the only sellers who truly can sell at a deep enough discount are usually those who ran out of time and just didn't do something sooner with their situation.I know many coaches and gurus will disagree with me but there’s no regulations on youtube gurus and what they teach either.If we look at the current state of the market in hot cities, the availability of online resources to the average homeowner, how many deals can you possibly believe are available at 70% of ARV?