We offered 42.5 and seller will be paying 2 percent of closing costs.

good plan and I agree I don't think we will see and epic meltdown like the GREAT GFC again at least in my lifetime.. if we do I may not survive another one... :)

(A)provided under any State or Federal program that the Secretary determines is specifically designed and operated to assist elderly persons (as defined in the State or Federal program); or (B)intended for, and solely occupied by, persons 62 years of age or older; or (C) intended and operated for occupancy by persons 55 years of age or older, and-- (i) at least 80 percent of the occupied units are occupied by at least one person who is 55 years of age or older; (ii) the housing facility or community publishes and adheres to policies and procedures that demonstrate the intent required under this subparagraph; and (iii) the housing facility or community complies with rules issued by the Secretary for verification of occupancy, which shall-- (I) provide for verification by reliable surveys and affidavits; and (II) include examples of the types of policies and procedures relevant to a determination of compliance with the requirement of clause (ii).

Don't touch it with a fifty foot barge pole!

(as a percent of today's as is value of the real property) Just curious.

On paper, this matches the 1 percent rule and the 50 percent rule.

If you gift more than 14,000 it dips into your bucket or life time gift tax exemption which is currently at 5.34 mil I believe.

I tried having an estate sale person come take a look, but they will only handle more than $10,000 worth, then take 35 percent.

Who wants to have nearly $40,000 tied up at a half percent return?

But I also will have to use a part of that profit from each flip to live onIf I flip 3-4 houses a year , what percent of capital gains, can I expect to pay on each flip ?