I'll just add, that if you've done these types of deals or similar deals before, having accurate and up-to-date financials (aka bookkeeping records) for those previous deals to be able to analyze the numbers would be a great tool to use to make informed decisions about future deals.And, even if you haven't done deals like this before, keeping updated financials for the deal you're doing is going to be huge as you're making decisions throughout the rehab.We call these data-driven decisions.

If you're in my area, I’d love to buy you a coffee or lunch so I can ask you some questions and hear about your journey.

My ultimate goal is to buy and hold at least 10 properties (as of now).

Not enough information for anyone to determine what to do as this would be based on your financial situation, income, and personal choices along with not knowing anything about what you would build, what it is worth etc. 

I am considering whether asking  the bank for a loan over the property to use this capital to buy another fix -flip property   Or to sell the property,  ( maybe  wholesaling because closings costs would be expensive leaving no profit left)  I am here to read your ideas on this.

You’ll also need owner and lender's title insurance as well as the standard fire and liability coverage, which I assume you already buy.

Partially because you did not rent it for an entire year but mostly because of upfront expenses: getting it ready for rent, buying furniture, electronics, and other furnishings, stocking up on initial supplies, and so on.

View report*This link comes directly from our calculators, based on information input by the member who posted.

Imagine making millions of dollars throughout your career and then having to pay Uncle Sam 30-50% every year instead of compounding that cash over time.This is exactly what real estate professionals have learned to mitigate.To reduce their taxable income, they buy a building every year, do a cost seg, and use depreciation to reduce their tax liability dramatically.Their personal wealth snowball grows much larger and much faster than their W2 counterparts who give most of their money back to the government each year.Following this strategy as a real estate professional is one of the best ways to end up with a much larger net worth at the end of your career.

In order to properly assess, we would need more information.