The $5K is capital gains, either long or short.

It provides alot of valuable information, perhaps saved us from a few bad deals.My husband and I are feeling pretty optimistic today, we have made an offer on a bank owned property and it was accepted!!!

To find the truth, gain knowledge, share knowledge, network, and of course, make deals.I'm glad we've got you as a member of the community and I expect that we'll be seeing a lot more of you in the Foreclosure and REO forum areas.Welcome to BiggerPockets!

Thank you, Mike.You guys really help make this whole site into the valuable resource it is.

Or rent it out and hope to gain equity over time via the principle payments and hopefully appreciation.Please continue to let me know your thoughts!

I hope to gain more knowledge in this industry through people with alot more experience.

I hope you can contribute some really valuable information here!

Has anyone gone down this track, of suffering the first few years, and then gaining a nice return, and how long do you estimate I'd need to eat ramon noodles for?

If past experience on other forums/boards is any indication of future actions, I'm probably going to be lurking, asking a few questions here and there, and generally gaining lots of information about the subject before I put it into action.That said, my biggest "fear" right now is analysis paralysis.

You gain on the sale is the selling price less the basis.