I'm proposing to be added to the deed (I would have to be in order to manage, my firm does not do prop management), be responsible for getting the property to 100% occupancy, maybe doing some rehab, and split some % of profit.

@Melissa Harris, so you're asking if continuing to net $3k per year for your $4k outlay is better than netting a one-off profit of $80k for that same $4k outlay two years ago?

I plan on letting it season for about a year , selling , and using a 1031 to finance a larger MF.

Got to sell it for a small profit.

Spent a lot of money to fix it and ended up making a meager profit.

I have done many remodeling or flips adding great value to properties but the profit has been always for my clients.I finally decided to start doing the same thing I have always done, but as a real-state investor this time where there are some new variables to learn.to start I want to do some flips and I'm trying to define where.Because I live and work in NYC, where is almost impossible to start investing, I was thinking according to what I read and research; Newark, Jersey city, or even upstate NY where I spend some time could be some of the options.I'm looking for wholesalers or investor friendly real-state people to help me find my first deal.please don't hesitate to contact me with deals of for anything you need.Carlos

They seem interesting as well and potentially more profitable..

i will be reporting it on my taxes for 2017.debtCalifornia piti $1,950Georgia piti $2,000 (yes, gross profit per month is $1,200 with only 5% down, seller covered all closing & living rent free)car $530student loans $350As an investor I want the minimum amount out of my pocket.

Try looking at:The Best Types of Markets for Profitable Turnkey PropertiesandWhat to Ask When Working With a Turnkey Provider

Anyone who make more than $400 net profit at the end of the year is taxed on it even though this might be their only income.With this in mind, can Michael N say "I am a business owner" (as a sole proprietor) prior to starting his trip to Kansas and start deducting all his business-related expenses from this moment on?