No such requirement for improving rental properties and deducting interest on Schedule E. 

@Angelo Llamas If your cousin rents out the property, it becomes a rental once it's "placed in service," meaning available for rent, and he must report rental income and expenses on Schedule E.

Quote from @Colin E O'Connell: The BP meetup in Wilmington is tomorrow 1/7 at 5:00 at Mad Mole Brewing.

Quote from @Rebecca E.: @Katie MillerI came here because I just had my yearly with my new accountant.

Proceeds to segregated account to be disbursed ONLY on rental property improvements and expenses to preserve the deductibility of interest on your Schedule E.

If you provide any kind of substantial services like catering, car service, etc you will change you tax situation and no longer can file under Schedule E.

Quote from @Pierre E.: I am trying to learn and understand... someone told me that its not just size of the home or level of the flip that determines profit, and that in some markets, what is considered a typical profit is 300k based on the 70% ARV formula.

Once you think there is no law pertaining to the activity then the work begins this is a belly to belly business your not going to do this on E mail and text messaging .. you will need to be able to sit down with these folks or it will never happen.

Theres so many problems, this is a team deal scenario and one needs rules;  never take a contract less then 7 days prior to the auction, and NEVER NEVER N E V E R close allowing the seller to stay in the house after closing. 

Did you try meetups and Facebook Groups in NaplesExample there are few ones here in Naples which are freehttps://www.eventbrite.com/e/likeminded-naples-real-estate-i...