Once your total income (including LTGC) crosses the $500K threshold (which is really about $519K in 2024), then it flips to 20%.   ** Remember @Ran Fridman that you are also likely facing recaptured depreciation taxes (25%) and possibly NIIT taxes (+3.8%) on sale, plus state taxes on income (+4.95% for IL). 

You can typically get in the property with 10-20% down and the rehab budget would be included so you can pull from the rehab budget as you go along.

Also include upkeep. 7.

We have a condo that includes an underground parking garage.

Unless it is a brand new toilet, I'd just pay to replace it.

This might strain the schedule for your project.Risk: Significant financial losses, including the possibility of losing your property in the event that you fail on the loan, might arise from a repair and flip project gone awry.Due Diligence: To make sure a hard money lender is respectable and reliable, it is crucial to carry out extensive research and due diligence before selecting one.Before proceeding with a hard money lender, consider your financial situation, risk tolerance, and investment goals carefully.

And if Social Security was a) not borrowed against by the government and b) payments not expanded to included other items would be self substaining.

The loan cannot include a balloon.

Heat, hot water, water, sewer and snow plowing included.

For sourcing deals, consider leveraging a mix of strategies including networking with local real estate investors, using online platforms like Bigger-Pockets for community advice, and exploring public records or foreclosure lists for potential off-market properties.