Brandy Y. and Steven Hamilton II regarding the back door roth. when I convert my traditional IRA to a Roth will I have ordinary tax rates apply to the amount converted?

This is just an ordinary rental.

New carpet, lawn installation and maintenance, updated lighting fixtures, paint, or maybe even a patio or deck installed are well within my skills if I have the time to do it (which, living in the place, I certainly would).I've got a friend who will be going to med school down there who I plan to live with, so when you factor in $800 or so in rent from him, PITI will come close to what I would be paying to rent a place anyway.Assuming thus far that this sounds like an intelligent plan (and if not, I'm all ears), here is an example of the type of place I would look for:http://www.realtor.com/realestateandhomes-detail/5372-Barstow-St_San-Diego_CA_92117_M20640-37129Basically, it looks like it would be a really nice home if the interior was cleaned up, a green lawn installed in the front and back yards, and on top of it all, it's a place that I would like to live in while I'm fixing it (unlike my rental properties, this is one aspect where emotion will factor into the decision).Also, what is your opinion on properties with a pool?

I know I've asked you before, but if you have any recos on GCs who can do a patio/overhang (the roof is supported by 5 posts on the patio, so I need someone beyond the concrete people to take responsibility for it not falling while being replaced).

We extensively updated it to make it our own...new cherry kitchen with granite, moldings for window, door, baseboard and crown, paint, flooring, central AC, paver patio, landscaping, PVC fence.We had a tenant (actually 2 different ones) in the upstairs 'apt' the entire time we lived there.

No, flipping houses will generate income that is subject to ordinary income taxes at your marginal tax rate.

I can't do section 8 on my home even if I wanted, because there is no egress and I have a wrap-around concrete patio.

Its treated as ordinary income, not capital gains.

Single story, washer/dryer hookups, patios or back yards, and kitchens that are open to the living room.The thing that concerns me the most about the current market is the number of buyers that are out there competing for purchases. 

Sounds like an unpermitted addition that just morphed into a room -first its a patio- then a covered patio, then walls, then windows.... opps they forgot the windows..