In our case, since our business was flipping and construction, we had to report the income as ordinary income as opposed to capital gains. 

Added covered patio.

"Ordinary pest control is your responsibility.

Ordinary and Necessary Expenses: To be deductible, the expenses must be ordinary and necessary for the business.

Moderate 7 $ 325.00 7 $ 150.00 $ 3,325.00 Electric Rewire Basement outlets, lights wiring; Light 8 $ 9.00 8 $ 9.00 $ 144.00 Exterior Siding & Trim Fix Soffit/Fascia; Gutters Light 11 $ 65.00 20 $ 40.00 $ 1,515.00 Framing N/A 0 $ - 0 $ - Foundation Repair *Dependent upon if bowed floor is an issue from foundation Moderate 9 $ 80.00 9 $ 80.00 $ 1,440.00 Fireplace & Chimney N/A 0 $ - 0 $ - $ - Exterminator / Pest Control N/A 0 $ - 0 $ - $ - Basement Waterproofing Fix Leaks, Mold Remediation Light 8 $ 50.00 16 $ 50.00 $ 1,200.00 Wood Decks & Patios Fix Patio Moderate 16 $ 40.00 18 $ 40.00 $ 1,360.00 Fence N/A 0 $ - 0 $ - $ - Concrete Flatwork N/A 0 $ - 0 $ - $ - Pool Demolition or Repairs N/A 0 $ - 0 $ - $ - Permits & Inspections *Dependent upon basement / basement window, foundation Light 1 $ 82.00 1 $ 82.00 $ 164.00 General Contractor Fees GC Moderate $ 2,300.00 Contingency Miscellaneous Light $ 3,122.60 Total Construction Cost $ 34,348.60

Moderate 7 $ 325.00 6 $ 125.00 $ 3,025.00 Electric Rewire Basement outlets, lights wiring; Light 20 $ 10.00 8 $ 20.00 $ 360.00 Exterior Siding & Trim Fix Soffit/Fascia; Gutters Light 9 $ 65.00 12 $ 20.00 $ 825.00 Framing N/A 0 $ - 0 $ - Foundation Repair *Dependent upon if bowed floor is an issue from foundation Moderate 9 $ 80.00 9 $ 80.00 $ 1,440.00 Fireplace & Chimney N/A 0 $ - 0 $ - $ - Exterminator / Pest Control N/A 0 $ - 0 $ - $ - Basement Waterproofing Fix Leaks, Mold Remediation Light 5 $ 50.00 12 $ 40.00 $ 730.00 Wood Decks & Patios Fix Patio Moderate 15 $ 40.00 15 $ 35.00 $ 1,125.00 Fence N/A 0 $ - 0 $ - $ - Concrete Flatwork N/A 0 $ - 0 $ - $ - Pool Demolition or Repairs N/A 0 $ - 0 $ - $ - Permits & Inspections *Dependent upon basement / basement window, foundation Light 1 $ 82.00 1 $ 82.00 $ 164.00 General Contractor Fees GC Moderate $ 1,000.00 Contingency Miscellaneous Light $ 2,522.70 Total Construction Cost $ 27,749.70

Capital gains, or ordinary?

If you are an employee with a high and verifiable ordinary income (salary), few if any “deductions” or “write offs” and no exotic investments, you’ll pay the highest tax rate but also qualify for (assuming clean credit) the “best” financing. 

Whoever you hire, be sure they understand the new 2022 changes to TX Series LLC, registered vs ordinary series.

It features 2 bedrooms, plus an additional effective bedroom created by enclosing a section of the patio, and 2 bathrooms.When I initially bought the condo, I secured a mortgage at a 3.2% interest rate with only a 5% down payment.