Do not eat any food from China.

Hard money definitly imposes more risk and eat up a siginficant portion of the margin, but are necessary if you don't have enough cash.

As far as bookkeeping an excel spreadsheet with the same categories as the 1040-Schedule E. At

I'm sure it doesn't taste good and is definitely not the organic food that my family eats, but might be worth having in a pinch.

Seems to me the short term capital gains tax would eat up a large portion of your profits.

The most important part is knowing all that needs to be done, and not leaving out anything that eats profits ...which comes from experience.Good luck.

We prepare the docs & receipts, keep great records, and hand everything off to a CPA who lives, eats & breathes tax returns.

It provides the cash that allows my family to eat, go camping, etc.

Bottom lie I think your going to eat this one. hang in there. prepare for the worse and hope for the best.I just met a guy that gave $18k cash to another guy that promised him 12% return. well long story short this highly educated senior electrical engineer is out $18k. with no contract, or collateral he is out of luck.

If your project will not qualify for conventional financing and you have to use a hard money rehab loan you can expect to pay 14%+ in interest as well as several points on the loan and that can eat up a large chunk of your profit.