You will likely add all development costs to the cost basis of the project thereby reducing the overall capital gain.  

So they became part of the basis. 

So I have just started wholesaling and have some good deals but since I work most every day and available in the evenings I haven't had much chance to go to meet ups.

Once you have your goals, break them down into actions that you'll do every day. 

I would be back into the property in 2 years with a new basis of $800k instead of my current $300k basis.. 

You really need to take it on a case-by-case basis.

@Irwin DominguezNothing special and should be similar to the other LLC's that you have set up in California.As you are likely aware, the LLC will cost you $800 filing fee on an annual basis plus the filing of a CA tax return(Form 568)

@Jeremy L RiddleYou are wrong - It does not matter if you use the funds already in the LLC or make contributions to the LLC to make the repairs/improvements.You should have a better understanding of partnership distributions and tax basis.

If we eat healthy every day, the weight will come off. 

I'd need to retain an attorney on an ongoing basis, I suspect.