If you never attempted to rent it, as in for a long term investment, it’s a flip for tax purposes, regardless if you hold for 12 mo.s.....taxed as ordinary income plus 15.3% ss/med.

Dear Alex,Most people who have made a killing in Buying condos in Toronto have done so mostly by appreciation (not guaranteed) and/or short term rental.Many of the short-term rental units have now turned into med/long term rentals, this increasing the supply of units and bring the rents down.

Congratulations on finishing Med School! 

Hey @Sawyer Dina, I enjoyed reading about your REI journey.

A flip, ordinary income tax plus as/med. 

I prefer not to rent to undergrads but grad/med students and hospital/lab/pharma employees make amazing tenants.

You need to sit down with a cpa.Flips are not eligible for a 1031, which is only for investment property held for long term.Flips don’t result in cap gains tax, the profit is taxed as ordinary income added to your other income, plus self employment ss/med tax.  

I build new construction MFH and rent to meds, eds and young professionals/hospital staff near the hospitals in U.

I own a restaurant or should I say the restaurant owns me ? :-D

The goal for me is to buy small-med size multi family properties but they are in higher price ranges $200k+ I would like to use his funds for down payments and/or rehab funds to buy these bigger deals.