I agree it is important to know where property located ( A,B,C class neighborhoods) to input property vacancy numbers.It might be helpful if @Michael Barbari posted his inputs into BP calculator so we can determine if $432 net is legit.

All I will tell you from being an experienced licensed plumbing contractor is process of elimination. 1st turn off the angle stop (valve to the toilet). 2nd disconnect the supply line from the toilet tank only leaving the connection on the valve. 3rd go get a pot (deep) and position the end of the supply line that you disconnected from the toilet tank and put the end into the pot (your going to have to hold it there by hand).

I have an idea on how I will set this up but I'm looking for some "POT HOLES" any of you may have hit with a simular situation.I flip properties, 2 or 3 at a time using a mixture of hard money and my own cash.  

Getting an investor to toss money in a pot is not a big deal, when you're sitting on a few million and saying "now what?"

I have read the BP Due Diligence checklist along with many other checklist on the net. I

Specifically on this deal, would you mind giving a thumbs up/down, while also offering some ways to sweeten the pot/things to look for in another property?

Maybe I'm like the frog in the boiling pot, but my attitude is "taxes are what they are".

Serious investors will tell you Loop net is where the bad deals go.

If I want to chime in, then, Hello all, I'm a newbie.A little about my experience;Professional Real Estate Inspector, 10147Draw Inspector, performed over 5,000GC'd a previous personal 2,500 sq ft house 9 years with Simpson Strong-Tie (hurricane clips, joist hangers...)BA in MarketingI also do r.e. photography for a company called Shoot2sell (.net).I am married to my high school sweet heart...well, she was in middle school and I was in high school.Two children, Logan is 8 & Ella is 4.

Assuming there the net is positive (difference between the selling price and the investment (original tax lien investment and additional investments such as closing fees/costs, attorney fees, accrued taxes and fines etc) --how is it going to be taxed - as short-term capital gain (my income tax rate)?