There will likely be a partnership return required where you flipped a house with a partner and lost $120,000.If you sold the other property within the same partnership, it will also be reported on that partnership return.The net result to you is that you will receive a K-1 showing your income / loss which you then use to report on your individual return.If you made no money within the same year, you likely pay no additional taxes / get no additional refund.Best of luck.

No matter what you do I think you are going to have guests point out that something isn’t working which could lead to annoyance or requests for refunds or bad reviews.Plus, providing bottled water over the long term probably isn’t going to save you much money compared to paying a plumber to get the fridge connected. 

Real estate investing is forgiving; the average person can still make money even with some big mistakes.

@Derek Heinz you might be better off finding a major fixer-upper, getting a hard money loan (HML) to acquire it. 

When all the dust settles, and the  person searching is tired and discouraged and gives up, Jerry may not have bought  a single lot, but he's made some money from the training he sold you, which was his main goal from the beginning!

Those are usually not local hard money lenders.

@Vinny Muli - I'm working on using a HELOC to pull money out of a few SFR I have in an LLC name.

It will be very interesting to see how this plays out for first time home buyers that don't have money to pay a commission to buyers agents.   

Josh buddy, you didn't even have the money to buy this one.

If it’s going to be more than the one day loan we actually structure it the same as a regular hard money loan.if it’s a true double close, process is super simple.