The mileage allowance is lower than the cost of OPERATING a vehicle, so real "business people" don't automatically get a Benz or Beemer to drive around looking at property.Meals and entertainment-you only get to write off 1/2 on these but you shouldn't be eating at "Chez Expensive" when working on flips anyway.I'm sure that "some" people might accidently buy something for their residence and have the receipt fall into the folder for one of their flips.

Sometimes we encounter situations or the unexpected that we have to face as well and get through those unexpecteds.

Accidents are covered only if it is owner ocupied.

On a side note, I currently won't rent to pet owners becuase I know that no matter how careful you are, sooner or later your pet has an accident.

FLFlipper, what happens if your buyer doesn't show up at the double closing (heart attack, traffic accident, changed mind, simply late, etc., etc. ) do you have a backup plan?

How many times has some one posted "my tenant moved out unexpectedly, and the mortgage payment is coming due, what do I do?"

Wait till there's a fire or an accident in the house.

I have tried to make it a practice (recently) of giving something away whenever I have come into some unexpected cash.

My name is Abbey Landis and I started my business, BLC, in the Spring of 07, sort of by accident and it has turned out great!

Every flip we do, there is something unexpected that happens, this usually costs money.Most HML these days want 10% in the deal.