Your profile says "I want to get my first deal under my belt.. " I can tell by your comment you are anxious to get going.

I suppose prices have gone a little higher too.If you do wholesale and get some money, for the next purchase, I would recommend you look for a duplex, where the risk is split and your stream of income may improve as well.Other options to look at is places outside of where you live.

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We tried to sell that one ourselves for months, no takers, but then listed it with an agent and sold it in a week at a higher price (although slightly less net), buyers from out of state that used to live on a major highway so they thought it was an improvement.

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The answers to these questions will tell you who the likely buyer would be, and depending on the buyer, you'll know how to market.As for price, what will the improved value of the property be?

You can click on the ‘vote’ button if you like someone's post or is helpful, and there are ‘awards’ to earn on your profile.

You can click on the ‘vote’ button if you like someone's post or is helpful, and there are ‘awards’ to earn on your profile.

Upcoming special assessments for a roof that needs to be replaced or other capital improvement can kill your deal and once you're in, you're stuck with the bill if you don't negotiate the seller to pay it.And last but not least, if the building/association drops to less than 70% owner occupied units, forget about getting a loan in the development until the percentage goes back over 70%, which can kill your exit strategy.I don't mean to rain on anyone's parade, just be careful out there!

Anything else results in "boot" for which you do not income taxes.This is probably an issue of semantics but your basis would be what you paid for the place adjusted up or down based on capital improvements and depreciation.