@Glenn Gray , All very good points.

Suggestions: Gray, Green or bluewhat is most pravelent in that neck of the woods?

“Far better it is to dare mighty things, to win glorious triumphs, even though checkered by failure, than to take rank with those poor spirits who neither enjoy much nor suffer much, because they live in the gray twilight that knows neither victory nor defeat.”

As stated above, there is a lot of gray area, it seems to overlap a lot of the same issues with real estate transactions.As I understand it in Ohio:Buying or selling a note for yourself is ok.Buying or selling a note contract for yourself is most likely ok.Brokering a note you don't own, most likely problematic.Clear as mud.

I just did a quick search on Houzz, these painted fireplaces don't look too bad:http://www.houzz.com/painted-fireplacesWhite seems to be the most popular, but I could image gray looking pretty cool as well.

Thanks, George Gray!

I live about 2 hours south of you, in the even-rainier part of Grays Harbor County (Near Aberdeen, on the coast.)

Originally posted by Glenn Gray: "I've found that buying rehabs with leverage is not allowed."

So, if you made a loan, then borrower did not pay and you had to foreclosue, fix, and sell, the intent was to make a loan so no UBIT.If you make 50 loans per year and flipped 2, the "intent" and regular business practice was making loans, not flippiing, so likely UBIT would not take place.If you flipped just one property and did nothing else, the IRS could hit you with UBIT.Kaaren mentioned the recommendation to avoid this active process and stay clear of the gray area, sound advice.

I always disclose to them that I'm a realtor, but since I'm always buying as a principal I've never really run into the problem where something could be a gray area.