What I am saying is maybe your go to guy for plumbing is making a reasonable profit and not gouging you- perhaps???

As far as the home, if you have lived in it for at least 2 out of the previous 5 years you will be able to sell it and take the first $250K of profit tax free.

Wholesaling is just like any other business; it takes time to build systems and processes to run a profitable operation.

You receive all the profits - but are also responsible for any failures you may run into.

https://www.amazon.com/FLIP-Find-Sell-Houses-Profit/dp/0071486100If your unsure and your paying for the work to be done this book will give you a good general idea on what order to do things to save money and excess appointments from the same trade.

Do you prefer flipping for a quick profit, or do you take a more long-term approach with rentals?

Like with anywhere else: location, pricing and the overall house you intend to build will play a factor in your profits.

• Some are saying a condo isn't a bad purchase as well - it would require more patience but through appreciation I could net some profit or at the very least gain equity instead of paying rent.

The property owner always loses while the arbiter has no skin in the game at all, just skimming profits off of the owner and can walk away any time they want without reprocussions. 

@Dani Beit-Or,Yes, since you're taking some profit (the primary exclusion) out that would reduce your reinvestment requirements by that much.the 1031 exchange will defer all of the remaining gain and the depreciation recapture.In your situation, you will have a total profit of around $1.5.