@Sat Palshetkar Welcome to the RE world and congradulations on jumping in.

Hey, congrats on finding a potential flip—it sounds like you’re on the right track!

I don't mean to throw shade at my fellow Illinois residents, but I'm quite bearish on this state for the long-term. 

Sell your car and get a loan on a new car.

What you’re counting on is even a slow rate of appreciation, say equal to barely inflation, called it 2-3% being multiplied by 4 or 5X because you only put down 20-25%.

Now I'm wholesaling mobile homes on land and in parks. 

It sits on about 1000 acres 30 minutes from Fredericksburg. 

There will likely be a partnership return required where you flipped a house with a partner and lost $120,000.If you sold the other property within the same partnership, it will also be reported on that partnership return.The net result to you is that you will receive a K-1 showing your income / loss which you then use to report on your individual return.If you made no money within the same year, you likely pay no additional taxes / get no additional refund.Best of luck.

You can Google it and find plenty of articles on it.

Every month, property 2 has been paying most of the mortgage on that Property 1 home equity loan.