4br/3ba SFR1900+ sqftLot: 6,655 sqftBuilt: 1988Location: Palmdale, CA (Far East side, Think 50th and Ave R) - 60mi Northeast of LANeeds $50K renovations (big ticket items - Kitchen: refinish cabinets (not replace), stone counters, tile backsplash, faucets, appliances, tile flooring, recessed lighting - Master Bath: Stone (or less expensive alternative) counters, recessed lighting, new double mirrors, double faucets, glass shower enclosure, new tub, new toilet, tile flooring, replace broken windows - Back Patio: Refresh and replace all rotted wood on patio cover; paint) -- Main level: laminate wood flooring -- Upper level: Carpet throughout) - Roof Good, Plumbing good, HW Heater may need to be replaced, HVAC will need inspection and cleaning.

Something laid back with a patio or lounge area where we can talk while we have lunch. 

ALSO- your a dealer in the eyes of the IRS... so your gains are taxable as ordinary income.

Could be a great way to take ordinary income tax free, flip rental property without capital gains penalties, and end up with a few income-producing properties fueling your 401(k).

Ordinary liability insurance will cover the Landlord in these situations, unless the Landlord is blatantly guilty.

This exception let you use up to $25K of your NET rental tax loss to offset other ordinary income.  

NOTICE: If Landlord fails to repair a condition that materially affects the physical health or safety of an ordinary tenant as required by this lease or the Property Code, Tenant may be entitled to exercise remedies under §92.056 and §92.0561 of the Property Code.span>If Tenant follows the procedures under those sections, the following remedies may be available to Tenant: (1) terminate the lease and obtain an appropriate refund under §92.056(f); (2) have the condition repaired or remedied according to §92.0561; (3) deduct from the rent the cost of the repair or remedy according to §92.0561; and (4) obtain judicial remedies according to §92.0563.

It took about 5 months for the flip so I will have to file it as ordinary income.

He looked like an ordinary guy but after speaking with him, he was laser focused on real estate.

$200K for a 3-2-1 triplex (66K per unit) will seem outlandish to most of our friends to the south, but it is not out of the ordinary in your neck of the woods (nor here in the Maritimes, unless you go to a small, rural town).