@Dylan Tettemer  it will be nice to know the laws and practices (since I'm a paralegal, it will also enhance my resume somewhat).  

As your business becomes more complex, you may need this enhanced assistance anyway. 

Get with your CPA for your specific particulars.You are correct it is the difference between purchase and sale price as well as capital improvements enhancements to the house.

After 3 years, I realized this is an outstanding investment and it could greatly enhance my ability to retire.  

Please enhance the search function within marketplace.

It provided zero benefit in enhanced value.

I also managed large teams of contractors on many projects enhancing my ability to evaluate the cost involved in any type of construction work.

<<No 'bitterness' or 'disillusionment' there -- just a valid OFFER of OPPORTUNITY.But I'll tell you what raises my hackles -- the 'fantasy' (first started by gurus, then enhanced by reality TV shows, and unfortunately still propagated by some posters here) that any form of real estate investing can be SIMPLE or EASY.That's like telling some schmo with a typewriter and a mastery of the alphabet that he can create a bestselling novel!

The best part of being a professional real estate investor is that no matter what you flavor is this career is fairly blind and without prejudice... heck Helen Keller could buy housing for profit.

There is this common false idea that wholesaling is easy and it leads to big gains really quick and this falsehood is enhanced by people who put on these seminars or start these collective real estate groups catered to new investors.