Currently we are doing all cosmetic work ourselves but want to switch out to a contractor for much of the next so we can get 2-3 flips after May.  

I am in the hospital again getting another thing fixed that had to do with low blood pressure and another surgery.  

Property needs a master bath and cosmetic updating but is in otherwise pretty good shape.When initially discussing this with the HML, I suggested dropping interest rates to avoid any conflict with HOEPA/Section 32 requirements, and having a side agreement whereby providing them consulting fees for my blossoming real estate business.  

I was at 14% on my first and expect to come in around 10% on my second.What non-cosmetic items will be included in your 22k rehab?

This property is a deep water home overlooking a marina and  may become our primary residence.All renovations are cosmetic and I intend to do most work myself. 

I am just wrapping up the front unit now, and have yet to rent it out but I am a little confused in regards to what I can write off.I mainly redid the kitchen and bathroom in each unit along with repainting them and other general cosmetic things like lights/fans.

Other than selling Avon, baked goods, and making jewelry, we are both technichly retired [ will finally have closing on our business next week after months of title problems] and since other than some new appliances, bathroom sink, and gas furnace repair, everything else is totally simple cosmetic stuff we can do in our spare time.[ we need to live there for a year anyway, and might choose to stay after that] We won't get started working on it for a few weeks because we are getting our Bennett house ready to sell, but when we do, we only intend on making the kitchen serviceable, and the living room nice before moving in [ the bathroom works fine, but eventually we need to get rid of its' all pinkness other than a brown tub!

It was $133k, I put about $5 into it, redid the bathroom and flooring-cosmetics.

Well after the walk thru it needed extensive cosmetic work: walls removed, ceiling blown up etc.

For your first flip, look for mainly cosmetic issues, rather than trying to tackle mold or foundation problems your first time out.Listen to J.