Ok, you're Irish.

If you only flip a house or two per year you may be able to get out of this, but once the IRS considers you a dealer (flipping multiple houses) you will pay SE tax.So if you are in the 15% tax bracket and you made 100k on a flip you would pay: (if you made 100k you wouldn't be in this bracket, this is just an example for easy numbers)$15,000 income tax$15,300 self employment tax And state income tax (whatever your state rate is)Matt

The other thing, will people please stop with this zero interest BS they get from  gurus and predatory dealers........pay interest, there are other threads telling you why.

These deals can create 3 to 5% value in assignment fee relatively quickly like 10 hoursFree and clear houses that have no mortgages, have opportunities for creative finance tooYou could buy the house and give a payment that is low enough for cash flow with market rentYou could have a homeowner get a 50% mortgage for cash now and then get some cash later with a private second mortgageThe negotiation with the seller on terms deals is completely different than pushing the price down like car dealer in wholesaling, it's not apples and oranges, it's grapes and watermelonsBeing a one trick pony doing "only wholesaling" with all the competition you have I think is crazyI get a ton of my pretty house terms deals from wholesalers that only know how to wholesale

This property has a long standing nice Irish pub in one unit.

I'm a general & Manuractured home contractor, manufactured home dealer, real estate broker, developer and property manager from North San Diego County and would love to meet others from this area to bounce some investment ideas off of.

It lasted about 2 hours, there were two speakers and it was at the O'briens Irish Pub in Brandon. 

I'm not sure if it has been mentioned here, but one major reason to consider setting up an entity even for one property, is to avoid a dealers status by the IRS down the road.

@Jered Sturm   yes that bank Facility for HML was epic... while it lasted.I have one bank that will still do it most of the other banks all got out of it 08 to 09.some of the bigger players I am sure have monsters lines though and that's how they do businessor you raise it through broker dealers..

My family members aren't drug dealers or anything like that but we are looking in the area of about $80K in private money and I know there are limits on deposits and transactions with banks that sometimes require an explanation.