No speaker there, just a get together on the back patio with other real estate investors.

The properties will be inventory and all the activity will be ordinary trade or business and will be subject to SE tax - 15.3%.

There is no rail there and a kid could run off the patio onto the concrete stairs.The inside looks great and I especially like the kitchen even though the whole house is small in general.

The results look very good.When this building is done, we have the option of retaning the slab only of the lanai as a patio or having the lanai rebuit as part of the regular a/c living space at our expense $12-15k.

Then, in a couple years or so, sell it, and do another.The home I bought, sits way back on the neighbors property line, leaving a very small backyard patio area, and a large front yard. 

Under this if you make passive income with one property in less than 12 months it is taxed as short term capital gains and labeled under ordinary income.

The property is a fresh rehab that was very well done and is in line with the comps; the only thing missing is a pool and or covered patio.  

Write down if you take a walk, and how long it takes.If you talk to your children, or help them with homework, or change their diaper (depending on your specific situation), write it down.Write down how long it took.Write down how long you’re commuting back and forth to and from work.Write down how long you were at work.Write down how long you were on lunch eating.If you do something OTHER than eating on your lunch break, write it down.Simple.You may feel weird doing it.That’s ok.Do this for 3 days.Make sure these days are pretty normal days for you.Nothing out of the ordinary; just normal days.At the end of the 3 days, or at the beginning of the 4th, look over your log.You now have a snapshot of your life.Figure out where you’re spending the most time.You’ll find sleep is at or near the top of the list.That’s ok.We all need sleep.You’ll find work, followed by your commute, is at or near the top of the list.That’s ok.We all need to work.You’ll find eating takes up a good portion of time as well.Here’s where it gets interesting.There are 168 hours in the week.If we take out 8 hours (high for some people, but I’ll be conservative) during the week for sleeping, we’ll subtract 56 hours.That leaves 112 hours.

we have restored power and there’s an outlet on the front patio Incase I need to use the corded beast.

.- Income distributions are taxed at ordinary income rates, but there may be no taxes at all if there are "paper losses" from accelerated depreciation.- If cash is returned to the investor through a refinance, that is a partial return of equity and a non-taxable event.- When the property is sold, any gains are taxed as capital gains. - A 1031 exchange of sorts is possible if you roll the sale of the limited partnership into a similar and larger limited partnership, but you cannot 1031 directly into your own property acquisition.Am I getting this about right?