Then, if the self-employed business is taxed as a sole proprietorship, the net income figure gets furthered reduced by 1/2 of SE tax  before getting the true contribution figure. 

Below are instructions from the IRS of when you need to prepare 1099-MISChttps://www.irs.gov/businesses/small-businesses-se...https://www.irs.gov/forms-pubs/about-form-1099-mis...

There's a lot of misinformation so far in this thread. https://www.irs.gov/businesses/small-businesses-se...Read up there on what constitutes a repair vs. depreciation.As to the strategy of whether to depreciate or expense, the answer is - you guessed it!

If classified as a dealer (business owner) your flip will be subject to your ordinary rates plus SE tax (15.3%).

I would look into SE from the 100 block to the 130s or so.

Well it doesn't have to be an LLC, per se.

@Steven Hamilton II can better answer your questions regarding "tax and basis" but many folks look to S-Corps to save money on SE taxes within active businesses and turn to LLCs for passive ventures such as real estate investment.

The SE quadrant is occupied by Kirtland Air Force Base and Sandia National Labs (both are very large). 

"Under the final tangibles regulations, you may elect to apply a de minimis safe harbor to amounts paid to acquire or produce tangible property"https://www.irs.gov/businesses/small-businesses-se...The FAQ also references production of real or personal property.My understanding of Tang.

Interested in multifamly (rare) or higher value stuff near my other properties (inside the loop: Mostly midtown/Montrose/3rd ward, SE).