So, I am not a "professional wholesaler". 

These expenses can create a paper loss, which may offset other passive income or carry forward to future years.If you qualify for Real Estate Professional Status (REPS) or actively manage a Short-Term Rental (STR), the losses can be applied against your active W-2 or business income, reducing your overall tax liability.

There is no Property tax GIS map.  

Our dollar is losing value so you need to be with a solid operator in institutional assets that cashflow in markets while hedging inflation with tax benefits. 

@Tar-U-Way Bright Using your LLC for real estate ventures offers legal protection and tax benefits.

I would reinvest in a another property and use a 1031 exchange to detour taxes.   

The Numbers:Cash Flow Analysis: Investors typically look for properties that will generate positive cash flow—meaning the income from rent covers the property’s expenses (mortgage, taxes, maintenance, etc.) and then some.

I haven’t made any profit yet and I’m wondering if I should still file taxes for my “business “. 

You want to make sure the seller is getting their fair side of the deal but especially from a tax perspective, there are ways in which you can make it very lucrative for them.

Most people selling properties are not professional investors.