I went through this property a few weeks ago and the condition is pretty rough and there is a large tree in the back yard which could make getting a new building permit out of the city complicated.Closing date is reportedly 5-15-16... a 60 day close for a HUD deal is on the long side.

.- A lot of pest report stuff that no one would care about on any non-VA transaction.- The important thing is that you do this AFTER you're 100% certain that this is the house you want, and that the seller doesn't have any "outs" to back out of the deal without consequences, and that any pesky underwriting conditions are signed off too (juuuust in case).

When you have a SPECIFIC REASON to extend it (after having gone in with 10 days), like an inspection report noting a foundation issue (or whatever) that you can show if needed, most reasonable sellers will get it, accept the extension, and commence to prayers. 

What is suppose to be reported on the title company's form 1099-S in box 2?  

Perhaps go through it, insert the numbers and generate a report.

The generated report of this should have a graph and numerical figures for projected equity, monthly cash flow, as well as, CoC ROI.

All activity of the property is still reported on your personal return so in the eyes of the IRS the taxpayer is the same - so no tax event.  

My office is near Hamilton Ave.We are working on a burn out at this time.The owner has already collected his insurance money, so the motivation is there.He wants more than we are willing to pay, but as you know everything is negotiable.Fire damaged houses can be profitable.There is a service that will report to you all fires in the area.We work with Public Adjustors who represent owners to get the highest possible pay off.Insurance companies are notorious for beating you down and paying as little as possible. 

The posts were reported but it took 18 hours for their moderators to shut the thread down, and then new threads were started with the reposting of my personal information all weekend.  

Most importantly, it will allow me to run reports and analyze my RE business in ways I never dreamed of before.Hope this is helpful.