Originally posted by @Glenn Gray: Can you describe what the term "turn key" is?

Originally posted by @George Gray: There are better opportunities if you really want to be in that area.

To me taxes shouldn't be a gray area; either you can or can't (by law) deduct this or that expense.

one of the hottest new colors is Sherwin Williams colonial gray

The misconception or gray area comes in when you end up holding a flip house for more than a year (entirely possible for a variety of reasons) I've seen it said here many times that then it would be a "long term capital gain"-NOT SO FAST!!!

The Tax Code and Treasury Regulations leave a lot of issues open for interpretation, which creates lots of gray areas. 

As for UPENN I am not the most familiar with that area but I do know that there is alot of opportunity in the Gray's Ferry area as UPENN plans to extend its campus towards that way.

If you want that much work for $50K you should post your jobs individually on Craigslist and roll the dice in the gray market.  

The better you can build your case the more likely things like a little less gray and more black.If it's reasonable to deduct the entire deposit then deduct the entire deposit.  

You can do some preliminary research here by searching my name or Donna Rishel or James Gray or others.The passage of the SAFT Act and the followup of Dodd-Frank Act have changed lending.