Also the pool is in a good shape and had a nice heated pool pump.They had originally listed the property for $255k and eventually reduced to $230K, this is when it went under contract for $198K which is around 16% discount.

Everything you earn on top of that will just be gravy whether it comes from flipping, wholesaling, etc.

It is only a GOOD thing if you are earning more than the mortgage rate.

You can then send them a 1099 (not certain *ask your CPA*) because technically that's earned income for them since they didn't pay.

If someone were to only own rental real estate, what could he do to reduce his overall tax burden.

I would also try to see if there is any way around this screening charge or a way to get it reduced.

Nope, I want to build a solid business based on repeatable systems and processes that allows me to make a lot of money while doing very little work and causing me very little frustration.You admit that your way causes you a life that's "full of frustration"...As long as the OP understands that my way is meant to reduce frustration and your way creates it (by your own admission), it's completely up to him which way to go.People have every right to bang their heads against the wall if they want to.

I am taking some advice I have read for 5 years now and making the moves it will take to pay stuff off, reduce my monthly obligations while experimenting and learning how to improve my cash flo.

He earned a HUGE payday on his first flip.

Concerns of reduced # of mobile homes being produced?