Also, keep in mind that there are New DCA Laws in New Jersey making significant changes to the definitions of "minor work and ordinary maintenance."

It would include exterior monitoring with photos of anything out of the ordinary.

Such entity in the ordinary course of its business must be engaged directly in real estate management or development activities.2) Expenses related to the real estate will be paid by the corporation.3) The real estate will not be used for personal use.4) There may be periods of time when the 50% test described in 1(a) above is not satisfied.

Even if you are doing business in your own name you still get to deduct expenses the are "ordinary and necessary" for your business.I usually like to mention why I picked their property.

Simplified:$620,000 ARV-$370,000 purchase-$TBD closing costs-$52,700 Selling Expenses-$89,000 rehab costs-$24,660 loan cost- $TBD holding costs (insurance, utilities)- $5,000 misc= $78,640 minus whatever those TBD costs areYour profit will be taxed as ordinary income.

I did call the MUD office and they assured me that the water bill for the house was stable and very ordinary in price.I might add that my final price was 56% of a house that sold a few weeks later directly across the street. 50 sq ft larger and, of course, in much, much nicer condition.

What I really am interested in is how a Brit survives down in Texas?

This is a general guideline.Your responsibility is to heavily document the condition before occupancy and then determine if the wear-and-tear  is "ordinary" or not after they vacate.

The Quick Flip or The Fix and Flip are usually held less than the others because they are usually sold within 12 months and are taxed as ordinary income and rentals are called passive income and can use depreciation. 

Or you could bite the bullet, pay ordinary income +++ tax on the flips and then buy your holds later.