The point was more around the quantity of notes he wholesales... and to ask a CPA.Re: flips, actually there are instances whereby a flipper is required to pay "SE" taxes (15.3%) on all of the profit from a flip... and other instances where they do not pay on all, depending on multiple factors.

Hey Herman, I generally tell my clients not to buy anything that would have objections: a funky layout, basement unit, dark, loud, etc. 

Even if you solve her bug issue, she is likely to throw up other objections. 

The objective is to minimize vacant time. 

You can waive the ability to object on an inspection.

During your due diligence period, you can bring this up as part of your inspection objection and ask for seller concessions/lower price etc. because its not a legal duplex.

We know each other well, he understands my business and objectives, and he get's the job done right and quick.I have a different mortgage loan officer that I use for my commercial loans. 

We didn't even submit an inspection objection on this one because it was so clean.

When dealing with large quantities of flooring or other material, I've heard of owners potentially going directly to suppliers/warehouses. 

Chasing shiny objects.