If you’re considering leveraging hard money lending (HML) for this flip, it could be a strong alternative to traditional financing—especially since HML is quicker to secure and designed for investors aiming to flip properties fast.With HML, you’re typically looking at covering a significant portion of both purchase price and rehab costs, which keeps more of your cash free for other expenses or emergencies.

You must have the Business tax license & pay all the fees required.  

Make sure your financial advisor understands real estate taxation, financial planning and tax planning. 

I use a spreadsheet I developed to determine my entry costs, carrying costs, cash flow, tax write offs, appreciation and exit costs.

Purchase price: $1,300,000 Cash invested: $130,000 Sale price: $1,650,000 We work with an investor who purchases the house and secures a deed in his name.

If you are going to sell then you must understand the tax implications. 

It's an estimated cash on cash return given current rental rates subtract expenses assuming 7% interest rate, 10% management fee, 5% repairs, 5% capex and other expenses like mortgage, insurance, tax. it's a estimate to tell you what properties to analyze vs ignoreyou can see the are pockets of negative returns as well as pockets of positive return. this is to supplement the data @Devin Conley provided

I will not comment as to the tax laws and underlying rules - that is a discussion you can have with your tax advisor who presumably you are paying to help you.What I will do is provide practical and business guidance on tracking time.Firstly, there are apps available that can assist with time tracking where you can specifically detail your time, who you met with, etc.

I then would have my tax cpa enter in or do it after discussing tax based items (depreciation- MACRS, reserves, year end accruals, reserves, etc.).

Is the option government supplied insurance where taxes supplement the insurance?