A savings to put deposits and another account for everything elseyou don't need separate bank accounts as accounting software will classify all of those items.

Tax-wise, profits are taxed at your ordinary income rate, and frequent flips may subject you to self-employment tax if classified as a dealer by the IRS.

You'll want to enlist a CPA on this to assist you- Repeating the above for Cancun, since it's a vacation destination already, I'd almost guarantee you that you cannot write it off 100%In regards to travel, it's also important to remember that even if everything is used 100% for business, the IRS classifies business expenses being valid if they're "ordinary and necessary".

Shouldn't this be in the Classifieds?

This probably does belong in the classifieds section

Here on BP in the Classifieds Forum, Facebook, MLS, etc.Wholesalers will only pay 65% of value:(You might want to find another investor to buys these over time, to spread out your capital gains, or do 1031x.

Please keep those posts in the Classifieds forum.Need a spreadsheet or form?

@Nicholas Haubner Contact Montvale's tax assessor and building department to see it is currently classified. 

The moderator took it down before and said that it should be in the classifieds but hopefully this time around they can see for certain that I’m just having a conversation and not trying to sell anyone on anything. 

Please keep those posts in the Classifieds forum.Need a spreadsheet or form?