SOS! Messaged a couple of individual members about this but my seasoned flip partner is telling me that demo by himself and his crew members in a bathroom that will cost $8000 to redo is up to 20% of that figure, or $...

The passive activity losses rules under Sec 469 are an area of the internal revenue code that is difficult to grasp and take years to understand for professionals who are exposed to it on a regular basis, let alone non-practitioners.It might be the wiser move to extend your return and interview CPAs/EAs after things calm down.

Completing painting of interior walls, replaced bathroom faucets and lite fixtures.

@Michael PlaksI see no issue S179ing 1245 property used in a residential real estate trade or business as long as it passes with flying colors the other provisions of Sec 179.My source for this is the highest level of authoritative guidance: Internal Revenue Code Sec 179. 

Painted interior.

I have started fixing up minor things and painting interior to make everything look more modern.

You can do the same thing and keep your own internal accounts.Enough for that. 

I am looking at flipping a property (4 bed, 2 bath, ~1,800 sq. ft) in NJ and the estimate I received seems high, so I was looking for some peer feedback.I was looking to change the following:Kitchen (new cabinets, counter-top, flooring)2 bathrooms (new flooring, new sinks and cabinets, new fixtures)4 bedrooms (new flooring)paint entire interior (~1,800 sq. ft)Flooring throughout entire house Basement (new carpet, ceiling tiles)GC came back with an estimate of $75,000 without HVAC and $85,000 with HVAC.

Make sure you have some level of detail ready for the discussion like interior and exterior finishes etc.

Not much to update for the interior but the exterior is a complete mess as far as curb appeal goes.