Be sure to have the gas, water and sewer lines inspected as these may be dug up or collapsed - and very expensive to replace/repair.

However, you can file Form 8832 (Entity Classification Election) to change the LLC’s status to a disregarded entity, provided you act promptly.If you don’t make the election, you’ll need to file Form 1065 by March 15, 2025, adding complexity but retaining the same tax benefits, such as deductions for depreciation and repairs.

What are the best areas in Birmingham to flip properties?

A block can transition from appreciating to depreciating within ten houses so you have to learn where it is ebbing and flowing.

By purchasing at a great price and leveraging our network to find a buyer quickly, we maximized profit without the need for repairs.

@Stefan Ikner, you are correct on the credit repair. 

It would depend on the nature of the repair.

Unless there is an emergency situation, take a lot of photos and call your insurance agent before doing any repairs.

I would definitely factor in some substantial capex/ maintenance and repair costs which could lower your returns.  

They didn’t explain to me upfront that they wouldn’t take that into consideration, that every deal had to be ran through, what they thought was a fair market repair cost.