We have recent history to prove it: In 2017 the US levied a 20% tax on Canadian lumber.

The board can levy some hefty fines against you if you operate without it being approved for STR.

I agree with Levi, you have to get out there and do your own market analysis...and you will definitely get a feel for the area.

There are a number of purchase/sale/holding costs to look out for, that I compiled into this post here: https://www.biggerpockets.com/blogs/8814/70530-fix-and-flip-project-costs-purchase-sale-and-holdingI see that you're located in South Dakota, so in addition to those costs you'll also need to contend with the Contractor's Excise Tax, which is a 2% tax imposed on "prime" contractors engaged in "realty improvement projects" in South Dakota.

Dear Fellow Investors,I'm trying to learn the basics of calculating a real estate deal and I've checked my local County Assessor's Website to calculate the Annual Property Tax but what I'm having trouble running into is figuring out the Tax Rate Levy.

@Levi Bennett We place DD $ on our contracts.

Maybe it was @Levi Bennett who was talking about this.If you can find those posts there is someone who has experience doing this in Charlotte, maybe you can transfer the knowledge to your project and get some good success.

It is tax-deferred to the plan just like dividends in a conventional plan.As a property owner, the plan would be responsible for property taxes as an expense of operation.The  tax-exempt retirement plan may also be subjected to any local taxes or fees, such as some cities levy on owners of rental property.The rental income is ONLY taxed in cases where an IRA uses outside capital in the form of a non-recourse mortgage.Otherwise, you are not taxed until such time as you take personal distributions from the plan, just like any other retirement plan.

@Levi T.

Borrowing costs were $2800, pre-paids and appraisal was $1600,   In WA it is customary for the seller to pay transfer (excise) taxes when we buy.