But for this, I need to get a good deal in the Pearl Area.I want to know how a FHA loan works and if it applies for me.

You are better off improving your credit, saving a small down payment and closing costs and applying for a FHA loan or some other first time home buyer program through the state. 

You can refinance it out of FHA into a conventional loan, include closing costs in your loan, and re-apply for a new FHA loan on the new property you are planning on residing in.  

Can this apply to stock profits as well.Thanks!

Not sure if the 90 hours of study time still applies if you choose the online route...

(Big assumption, I know).I tried to find the Net Op income by applying a 20% vacancy factor, 2014 property taxes was $5,700, estimated maintenance $3,000 and insurance of $1,500.

(Big assumption, I know).I tried to find the Net Op income by applying a 20% vacancy factor, 2014 property taxes was $5,700, estimated maintenance $3,000 and insurance of $1,500.

Advertising, cleaning and maint, insurance, legal, repairs, supplies, etc... 1) Because property #1 wasn't "on market" during the renovation, does everything apply to the basis? 

If you tear down make sure WSSC does a toilet count on the existing home prior to demo, this can save many thousands when you apply for the new water service.

IRS makes determinations on a lot of things, but there are standards that apply even in the grey areas.I would love to argue a case against you if you were trying to prove that flipping one wholesale property constituted an active business.While the IRS could rule on anything they wish, I'm very confident that the 1-2 properties I mentioned is below the threshold that would be considered an "active  business".