@Kevin Romines @Marshall Secord Mostly good info, but one error….”short term cap gains” are not 20%…it is simply ordinary income tax without the 15.3% self employment. 

Although, I've been beating myself up a bit with my latest round of projects and then about a week ago I took a different viewpoint and considering that I had three big projects, basically all total rehabs including the one that needed the rebuilt basement, plus a few factors that were truly out of the ordinary-not unexpected, that ALWAYS happens, but a few real oddball items here, I guess for each one it didn't take me that long and of course in ANY business, NO ONE is ever 100%, there's always room to improve for anyone.

The seller may not accept but it's not out of the ordinary and shouldnt be insulting. 

This depreciation will be recaptured as ordinary income at your marginal tax bracket rate or 25% whichever is less.If your marginal bracket rate is 15%, then the federal income tax on the sale of your property could be around $1850.  

@Brit Bear- if you havent  already done  so -  get the  formal loan pre approval  in place   using whatever  hypotehtical  scenario  you want to use ? 

. - you should definitely talk to them about who is going to handle ordinary maintenance and repairs.  

Hello @Fabrice EliacinAn ordinary purchase and sale agreement will do.Now it must allow you to assign it i.e it must include terminology that gives you"and/or assigns" the right to purchase the specified property and a contigency clause should you fail to find a buyerCAUTION/DISCLAIMER: do your homework to build a buyer's list and work hard to market that deal in the specified time.Also read up on articles and blog posts here on the particular strategy as many wholesalers have received bad name due to recklessness of others

Hello BP, I have a dilemma and would like your commentsAs an example, I have a house that I purchased and renovate for all in cost of $60,000, then sold it owner finance for $100,000 with $10,000 down and finance $90,000 for 25 years @10% interest, My old CPA took the down-payment $10,000 as ordinary income, and the gain of the $40,000 note was spread it out for the next 25years, so at the end of each year I only paid  what I earned My new CPA is telling me the $40,000 note has to be paid as ordinary income of 35% the first year and every year after just pay interest income, and the other method was wrong.

I want any opinions of Stefan Aarnio and his book "self-made - 5 secrets that transform ordinary people into self made millionaires".A little backstory, I went to a local REI group in Winnipeg, Manitoba, Canada and he was the host of the event. 

@Brit F.