We've got a really prominent attorney out here, guy spends millions on TV ads every year.

We put a couch and a tv in there because we figured it would be a great place for kids to segregate themselves from the adults, or just any group who wants to watch something different than the people in the living room.

- Watching a TV show or a movie- Reading fiction or non fiction?

It'll more or less be treated as self employment with the lesser of the average of the most recent two tax years over 24 months or YTD earnings over N completed months in the year, with one-off exceptions to the latter for industries known to be seasonal.... those reality TV Alaska fishermen making $100k in 2 months of work can get mortgages, and real estate agents can get mortgages in February even though their YTD is often $0. :)Start getting a detailed list of employer start/end dates together along with all W2s/1099s.

Real estate is a get rich extremely slowly scheme, despite what late night TV commercials suggest. 

Real life isn't TV.

Wholesaling for the most part, the S you hear about on tv, internet gurus is baloney....  

However the seller has the option of cancelling and refunding the deposit (Which looks like what happened here).DISCLAIMER: I am not a lawyer, don't play one on TV and have zero firsthand knowledge of the contracts used.

Here is why - flipping is a job more than an investment; it has been hyped up by TV-shows, but the reality is a lot more sober.

I'm not a flipper, and I'm not one to think I can watch 3 years of HGTV and pull it off...I'm still under the impression that ALL tv is make-believe.