If you are not subject to Sec 263A, then holding costs such as interest, property tax, etc. can be deductible when paid.

Hi everyone,As the subject says I am 100% new to real estate and I am a college student attending and living near USC in Los Angeles. 

Pardon my ignorance on this whole subject.  

Solo K give you ability to contribute significantly higher amount (up to $59K/yr per participant), eliminates the custodian and give you checkbook control, gives you the ability to access up to $50K in your account tax-free and penalties-free via participant loan feature should you have a need, not subject to UDFI tax on leveraged real estate, ability to contribute pre-tax or post-tax into Roth sub-account, and more.The decision to incorporate should be discussed with a qualified tax professional.

My question is should I sell now ( subject to short term capital gains, self employment taxes) or rent out and sell after the one year hold ( subject to long term capital gains) ?

IRS says it's inventory, in a business activity, not a long term investment.....subject to ordinary income tax, including both sides of SS/Med (15.3%).

Obviously subject to state law, these are done all the time and are generally completely legal, @Deano Vulcano.

Typically, the entity that is created for the deal will own 100% fee title to the property subject to any assumed or originated secured debt.  

But started buying junk properties for under $10,000 using all the creative formulas I could think of (credit cards, commercial over draft protection, credit lines, partners, lots of Subject to Existing Mortgages, delayed settlement, flips and seller/contractor partnering). 

I've read plenty of books on the subject and actually found this website reading one!