At that time, we can elect to dissolve the partnership or keep it going.

Avg rent is $900 or lower, deal prices ranges from $39-$79Krehab around $50-$100K- ELECTIC,ROOF, PLUMBING would need re done- Knob-Tube Stuff.Comps $120-$140 if your lucky cause no one would want to OWN here do to the neighborhood. 

Turbo Tax or any crank out your tax program isn't considering future ramifications of your current tax elections, it won't address inventory accounting methods such as LIFO or FIFO (look it up) where economic conditions may be applicable to your operations, Section 179 isn't always the best approach.The only "issue" I see with the comment by @Ted Lanzaro is that his statement wasn't qualified fully, saying less than $150,000, that should have been mentioned with an income of being greater than say %45,000 because if you don't have any real income you sure aren't going to save thousands.

But one simple nugget changed my mind and made me listen and re-listen.For anyone that didn't catch it, he said (back in 2/5/15), and I paraphrase:"Having half the country hate on you is a very powerful thing, if half the country hates you, you can become president!"

This is just what Presidents and VP's of banks have told me on that product type.

And ended up talking with the President of Commercial Acquisitions for the largest real estate group in Cincinnati.

Alternatively, I could opt to see where the foreclosure sale bids go and elect to let it go to another high bidder and collct the margin.  

We attended a couple of meetings and found everyone to be very helpful, and willing to answer our questions, before we joined.Victor Jernagin, who's the President of this group, is extremely knowledgeable about all aspects of real estate investing, and overly generous with his time in helping members.Every meeting we've attended we've learned several  useful bits of information, along with the networking that's available at the meetings, makes this one of the best investments we've made in our journey to becoming successfully in real estate investing.I think as with most things, what we get out of something, is directly tied to how much effort we put forth.So, I'm sure if you're motivated, you'll be happy you decided to join us.

As these are flips, it may make sense to incorporate an LLC in your state, then make a federal S Corp Election.

I am asking in hopes because almost all banks are closed today because of presidents day.