So permits are not relevant to the subject of this thread for my jurisdictionNot sure if there are jurisdictions that require permits for cabinets or counters but if there is, I suspect the motivation is the fees collected for the permits.So permits SHOULD be irrelevant on this thread.best wishes

Durations of 31+ days aren't subject to those rules, so that might be worth considering.

@LaShon Evans,The question about LLC is a good one and you will get may opinions on the subject. 

When you go to sell, you're subject to tax on the amount of profit between your adjusted basis and sale price, not your purchase vs sale price.Recapture is not repaying the depreciation.

If indeed it is stated that the second lien foreclosure is subject to the first, then no, the first will NOT be paid off. 

Partner with a real estate marketing company out of Las Vegas or Provo, Utah to market, promote and advertise the “mentorship” system consisting of the free seminar, followed by the modest fee weekend workshop, followed by the $15,000 - $40 000 full mentorship program.Here are the usual results1- 99% of “students” never earn back the cost, despite 1000s of wasted hours2- students learn nothing of real estate principles, real estate finance and real estate law which are the necessary foundation blocks of knowledge necessary for a SUSTAINABLE career in real estate investment 3- with hundreds or thousands of “students” unleashed on the real estate selling public they’re AT BEST an annoyance of trying to do “unrealistic” deals, AT WORST lead to a disastrous result for vulnerable homeowners.4 - The career real estate investors, service providers, brokers, lenders, etc are so disgusted with all of it and the outcomes they see that that can’t even comprehend that the subject technique or strategy does have a legitimate use when utilized (1) by and experienced and well capitalized buyer and (2) full disclosure is provided all parties with legal representation.  

My understanding is profit from lending is considered "taxable income" and is therefore added to your income and subject to your normal tax rate after all deductions, etc.

For a rental property, the gain is subject to capital gains tax (15-20%) and depreciation recapture tax (up to 25%) on any depreciation claimed, unless the proceeds are reinvested.To minimize taxes, consider reinvesting the sale and insurance proceeds into another property under §1033 or converting the property to a rental before selling to claim depreciation deductions.This post does not create a CPA-Client relationship.

I met with Wicked Smart today and was told they help you set up a lead sourcing system, help you structure creative financing - which is essentially lease option/purchase, subject to and owner financing....all strategies I am interested in learning more about.

I do single family "off market" that I take over with owner financing, subject to, wraps and lease options.