You are correct that flipping a house is very different than living in a house (and selling), from a tax perspective.

Make sure you go to or keep tabs on the master plans of the municipalities you are working in because that will keep you abreast of what is going on from a market perspective and such. 

FYI, my perspective is that I price this type of deal out 10 times a day with 30 of the largest national lenders.  

From a scale perspective I would probably rather have a 100 unit apartment building because at that point in time you are completely passive and have a property management firm running everything for you.

It definitely put things in perspective 

The cost of living is an interesting one - as in my view it supports a decision to move somewhere, or perhaps a business decision to open a satellite office, etc - however it does not typically 'drive' that decision.One of the key and most important advantages that Iowa has from a labor perspective, and I believe why the DSM market is a great fit for insurance/finance - is that the typical resident knows central Iowa and is 'content' - this doesn't mean that they are settling, as I do believe the DSM market is a 'special' place once you get to know it - however I'd put a strong bet as compared to other metros that if you polled people, the question 'Do you see yourself moving in the next few decades or do you ever yearn to move?'

I personally own 33 units which includes a 12 unit building in Leominster so understand from an investor's perspective. 

One thing that hasn't been mentioned is from the tenant's perspective being able to set up a monthly payment and forget about it.

I hope you take action.Look, I appreciate your perspective, but some of what you are suggesting is difficult because, well, it is a 1970's house, an extremely well maintained 70's house, but nonetheless....Bathrooms are really too small to get any perspective in, a picture would get a corner and not really impart any information, the reason my husband showed the one bathroom is because it is ensuite to the master, and the tub IS a perfectly preserved (and I mean perfectly literally, not a scratch or water stain) 1970's style one piece thing.

No, that number is pre-tax -- I consider taxes a cost of doing business, and don't modify my return targets based on it.As for my "salary," my flipping business is mostly passive from my perspective.