Need to be sure you include the "unknown budget" and never take the optimistic approach as it is better to have money left at the end than writing more and more checks that were unplanned for.Again, if you can walk through an actual property and compare notes with someone that does it in your area (key factor), you will be way ahead of what a generic book can give you.

If it is only one flip for now, I suggest you find a CPA just to advise you on State filing requirements, ensure you are claiming all write-offs and issuing 1099s, etc.

One bit of advice where you can be ahead of the curve is to write down your screening criteria for possible tenants and commit to following it.

Tenant already owes this dude $6,000 in rent that the dude is ready to write off because the tenant is judgement proof.Smart thermostat to limit tempature?

As-Is, doesn't mean "as-is" if you negotiate and write your contract appropriately.

If you buy a computer for $1,000 and write it off of your taxes, it is not free to you!

If there is an existing lender not agreeing in writing to accept payments from the LPO buyer, then you are in violation of the statute -- and it is a very toothy statute -- vs the seller/landlord side only thoughWe are getting ready to get one in place because the seller is demanding it and my client is the protected buyer.Yes -- you must vet your sub to buyers -- some should not be anywhere near a wrap transaction.Stay safe out thereAlan

Can I still write those expenses on my Schedule C?

Primarily it is because he gets credited with "writing the book on notes" which his hardly is.

I would spend hours on the phone assisting them with their deals, I’d write all their questions down and then sit with Dave and the other PPR partners, after work getting their answers.