To see the low down truth of rehabbing houses (fix up and resell), watch "The Property Ladder" on TLC.

If you want someone to assist you; I am a one stop shop, I can share leads on property, finance, close them and resell them, or rent them.

If they lower to what you purchased it for then it will save you that much more in taxes.Now if you are looking to resell the property any time soon then you might think about just leaving it.

I would like to find someone that I could work with in this general area for future deals and someone that has a high ability to resell properties.

What you can do though is buy it for cash and once you own it resell it.. you cannot rent it back to the old owners thats a no no as well.

What to ask, say, do, what to watch out for, ect..I have no credit...i just bought a new car w/ cosigner so i will have credit soon.i want to buy and resell for profits and have rental property. i mean is there anywhere or anyone that can "hold my hand" and show me how to do it???

I dont have a lot of capital left and don't want to get in over my head until I resell this first house, but at the same time why should I pass on all these other possible deals?

Now there are some HML's that won't require you to make a payment on the loan, and you just pay the interest you owe at the resell closing.

I'm a CASH BUYER for 3 of them and could probably resell 2 of the 3 to the current tenants, at a $10k-$15k PREMIUM OVER WHAT I PAY HIM.

"Flips" or anything you resell within a year of buying it (without utilizing a 1031) is taxed as ordinary income.