The land is on two tax lots so my plan is to sell the extra lot immediately after closing for a projected $275K.The property on the other lot will be a fix and flip with projected costs of $240K and an ARV of $750K.I plan to use a PML of 2 points and 12% APY for 70% of the total cost.

Closing CostsMake sure you also budget for closing costs, which are a collection of fees and payments made to the various parties involved in your transaction.

cost of doing the deal. 

If you treat this like a hobby, it will eventually cost you a lot more than you want to pay.

I'd recommend looking at costs. your build cost is going to be well over other homes because of the fixed costs like slab, Hvac, roof, etc. check the market drivers and weight the benefits of short term versus long term. long term is no furniture and help pays mortgage but at this size it doesn't really cover everything. we didn't find a lot of economies of scale in single family detached. can you build more than one unit?

They also tend to offer good cash flow relative to their cost, especially in areas with high demand for affordable housing.

I already have some equity in the property after doing a complete rehab but I don't want to diminish my returns selling it after one year, paying for commissions/closing costs.

Prior to last year, effectively any SFR was eligible for a short term rental license.

Does the cost per sqft account for electric and plumbing? 

But here are ways to reduce capital gains taxes:Deduct expenses (renovation, selling costs) in 2024 to offset gains.Hold for 1+ year to qualify for lower long-term capital gains tax rates.Invest in a Qualified Opportunity Fund (QOF) to defer taxes.Use tax-loss harvesting to offset gains with investment losses.Pushing 2024 deductions to 2025 won’t help much with 2024 capital gains.