Fire, foreclosure damage, property unattended or intentional or unintentional damaged, etc.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $275,500

Cash invested: $25,000

I'm considering this house as my first real estate investment. My family and I purc...

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $275,500

Cash invested: $25,000

I'm considering this house as my first real estate investment. My family and I purc...

I have no idea what numbers to look at or even how to get this information as "practice" without unintentionally wasting someone's time.

They had paid the proper sales tax and had no idea they had to pay income tax as well.The short answer to your question, @Coleen Mathis, is that California has no idea what your profit is, but isn't willing to take a chance that you'll intentionally or unintentionally forget to file a California non resident return (like the clients I mentioned above).  

It seemed like an unintentional glitch

I feel like I'm unintentionally telling them I'm not worth their time.I usually say something like "I'm looking for a contractor to come take a look at the house, I need new windows, there's an overhang that needs fixing, and some possible cosmetic work in the kitchen.  

It may not be what you think (and may vary from state to state, as well).Be wary not to create an unintentional employer-employee relationship, which could create a WC exposure for your business.

The unintentional side effect is this creates and employer-employee relationship and that spells a nightmare if there's an adverse parting of the ways.

But I have to guess that, with an average rent of ($6,900/12) $575 per unit, per month, it isn't an A/A.My biggest fear is that you might be (unintentionally) portraying this incorrectly to a J/V partner.