Otherwise flipping is the worst possible tax treatment ordinary income That you owe fica etc as well Is your 1040 tax rate.For this reason many high volume wholesalers and flippers that CPA's generally suggests over 70000 net per year warrants doing this activity inside an s corp.

I was inspecting one of our rentals and looking at the trees in the back yard to see if trimming was warranted.

On my contract it states, "Seller warrants that he is advised by his own, Independent Attorney, CPA and Realtor, and not on the advice of the Buyer, who may be an investor attempting to make profit.".

This is an interesting concept that probably warrants it's own discussion.

Keep in mind these are all before the new laws took effect in June, which will add at least another two weeks.(1)  46 days from rent demand to eviction warrant(2)  47 days from rent demand to eviction warrant(3)  18 days from rent demand to eviction warrantThe first two, I used an attorney (required in NYS if using an LLC). 

Many of these are non-warrantable, meaning the percentage of investors is high and you can not get conventional financing (though you can find portfolio lenders).

@Cory Peters It would be your call if the damage warrants immediate repairs.

I wonder what could be wrong with it to warrant a price drop like that.

I am happy with the cash flow, the problem is the HOA has a unit not paying their dues (greater than 15% of the total condos) and the HOA is litigating, which makes it a non warrantable loan, and the reserve funds are low ($10k remaining across 5 units)  The condo is the cheapest 4bd 3bth unit in the area which interested me, the thing I am worried about is not being able to cash out refinance and getting hit with more assessments as the reserve fund is low. 

After finally getting a judgement wait another week before filing the warrant which is usually a quick process for the judge to sign being another week or so.