Here's what it says about that"Section 504 applies to housing that receives Federal funds.

Having been in the lending space for a while now,  Interest income is not passive - its considered/taxed as ordinary income- just like interest you receive from your bank and savings account.Regarding profit and expenses from a flip, "that depends" on many factors but again if its short term capital gains, its not tax friendly.As always consult with your tax advisor / CPA. 

•If your startup costs are $55,000 or more, you wouldn’t receive an immediate deduction but instead would amortize the entire $55,000 over the same 15-year period.

The best thing to do would be to consult an attorney, but likely, that is not an option for everyone starting out.I'm not an attorney, and this is not legal advice, but some of the information that we include in our contracts is:- A clear scope of work - Payment schedule / Milestones- Change order approval process- Allowances for finished materials- Reasons to terminate the contract- Expectations for start date (X amount of time after final plans /permits are received or X amount of time after the contract is executed)- General schedule and timeline (This is where you could specify an end date - however it may be better use incentives rather than liquidated damage if your general contractor is late - we've done both, but found General Contractors respond better to getting something if they get done early instead of being punished for being late. 

Quote from @Matthew Estrada: Hello everyone,I recently read a post and wanted to share my experience with The “Flip System”, as I believe transparency is crucial when considering investments like this.I come from a blue-collar background as a first responder in Los Angeles, and I was drawn to Flip System due to the promise of having deals vetted and presented to me, as well as receiving education on how to fix and flip, implement the BRRRR strategy, and sell turnkey properties.

Given that you will probably house hack the first few times (3 or 4 years), that tip is literal.Now comes the most important tip you will ever receive from anyone on BP: Make sure you have 100 percent support from your spouse as to both your overall plan AND the tactics/strategies to fulfill your overall plan.

I am waiting for those 60 days to complete as soon as possibleAttached is the letter I received from county today as this tenant keeping junk cars and trash all around the property even after informing him multiple times.

(I receive some from a couple different franchisees) They carve out a small assignment fee of a few grand.

Typically people receiving SS benefits won't qualify unless your house/unit is low income.  

This way, they can continue to receive steady monthly income without the headaches and responsibilities of managing the property themselves.Of course, I always recommend sellers consult with their accountant to fully understand the tax benefits, but many I’ve worked with have found this to be an appealing option.