As resort and vacation communities have their own distinct markets and are separate from the norm.

So in this example, you'll pay:$28,500 x 12.4% = $3534 Social Security Tax$50,000 x 2.9% = $1450 Medicare TaxDepreciation is not a consideration when flipping and the profits are most certainly taxable.The IRS sees no distinction between buying a house, fixing it up and selling it as compared to buying a bunch of widgets, assembling them into a final product and selling it.  

Buy and hold & wholesaling are generally two distinctly different strategies although Aaron in podcast 37 talks about how he weaves the two together (very well).

@Matt Hummer,The distinction I'd recommend making is between what you are allowed to do legally and what you should be doing based on your skills and knowledge.If you are as competent as the professionals you would otherwise hire, then weigh it against the value of your time versus the cost to hire it out.

These are important distinctions and you really have to continue to study on sites this this as well as talk to other experienced investors who have purchased turnkey properties before to know exactly what to look for in a quality company.  

Current Situation:As of today we have executed three separate deeds and have separated the parcel into three distinct lots.

New Haven has very distinct neighborhoods.

Just reading one of my insurance journals and read this tidbit of FYI: "An industry group says Texas homeowners no longer are paying the highest insurance rates in the country, a distinction that now goes to Florida residents.

It distinctly states in my lease that I am allowed to do this.

I really don't understand the distinction.