That is a great post, and I'd love to follow up and see how things went for my own personal knowledge. 

There are conditions that must be met.Also, I believe the taxes are higher in Richland County than Lexington County, but I don't like there, so I don't have personal experience with that.

Any recommendations on Houston REI groups that meet in person or virtually?

Thanks, Jim Rice in person or online?

I have not done it personally but have some insight, maybe my reply may boost your post to someone with more experience in it. 

I have a situation where a person I know is moving out of the country and would be looking to put their home for sale in the summer.

I would recommend anyone lending in this environment to fix and flippers or any type of investment to be careful and get a personal guaranty and make sure person has a long track record.

I personally like the buy-and-hold strategy and we help clients who share this long-term, wealth building mindset. 

Which is very complex and costly and likely warrants professional help.Now, if it's just you and your spouse, then your 2024 tax preparation is likely relatively straightforward:- you will create a Schedule C on your personal tax return- you will NOT report any costs of purchasing the property or its rehab, not in 2024- you will report your business overhead expenses such as marketing, driving, technology etc- you will end up with a business schedule showing zero income and some expenses - not breaking the rules but potentially raising an audit flagCan you do it yourself?

I financed the acquisition of the land with personal and private money.