Purchase price: $78,736 Sale price: $115,000 Bought a house in Kenmare, ND that was freshly remodeled.

If you're local, you can start by really learning the market by driving the neighborhoods, studying recent sales, and getting to know what areas investors are targeting.

It does have some road running through a portion of it and it does have the railroad running along the border. 

Otherwise, you can only write off the business portion. 

I think Collin is being a little tongue in cheek with the Boone's Farm comment.I work with a local, large wine store, wait for their semi-annual sales when they compound discounts and buy 2 cases of each (white & red) for the largest discount.Basically I'm setting out wine that retails for $11-12-13 that I have paid $7-8 a bottle.  

Even in disclosure states, sales data is not all reported to the sites so you need the MLS to be the most accurate.

Cash portion of purchase price (of course!)

More to the point of your post, the agreement of sale should have language detailing precisely how the escrow funds are released to buyer or seller.

I am planning to make the purchase with a Black Friday sale!

You are betting too much on the refinance portion if you try to BRRRR with hard money.