Keep in mind the other homes on the market may all be over-priced at the moment, which is why it's important to watch the market regularly and build a strong sense of what it's doing.

It's a regular response to help someone.

Then I get the prospective clients making 6 figures on their regular job but they're still swapping out doors on kitchen cabinets or fixing toilet guts in the evenings and can't see the forest through the trees yet. 

I know there is an ATI exemption that reduces the taxable value by ~25%.Anyone else went through this and can advise on how to move forward with this?

Ordinary/regular income: compensation for work or running a business, such as W2 or 1099s, as well as retirement distributions.B.

McElhannon Sales price - (purchase price+ expenses) then multiply by long term taxable gains rate. 

I only recommend this route if you are looking up a lot of properties regularly. 

You can deduct expenses like mortgage interest, property taxes, insurance, repairs, and maintenance costs from your rental income.The biggest advantage is depreciation—this allows you to deduct a portion of the property’s value (excluding land) over time, significantly reducing taxable rental income.

If the house takes longer to sell, we aren't losing money every month on interest payments and can hold for the right sell price.Cons:We lose our regular stable monthly income and have to rebuild again (we have done this before - this would be our 2nd "bootstrap, build, sell" business)We lose our 5 year history when it comes to conventional mortgages and moving into a new home for our own family in the next 2-4 yearsThoughts / recommendations?

You can add Schedule C or Schedule E to your personal form 1040 return to handle taxable income.