And do i need to get a special termite inspection by a pest control company or will an ordinary home inspection suffice? 

Married couple filing jointly has taxable ordinary income of $30,300 and long term capital gains of $100,000.

We only received the deposit claim today, so we should be within the 15 day period.The following two paragraphs are the only ones that tackle repairs:"Tenant agrees to take good care of the house and its equipment, or if damaged, other than ordinary wear and tear, Tenant will make repairs and replacement equal in quality to the original construction and if the Landlord makes these repairs, the Tenant agrees to pay cost of same upon presentation of bills.""

., one big issue is that using your model of "flipping" you will not be able to use the 1031 exchange so you need to put ordinary income tax + Self employment etc into your proformas to make sure you can still get the return you want.1031 exchanges are for property that has been held for "productive use in business trade or investment".  

So regardless, you will be paying your ordinary personal income tax rate on this activity.  

You are allowed to charge for items beyond "ordinary wear and tear."

Originally posted by @Brit Foshee:Jordan Williamson and Nick Mondell you guys should be friends. = ) Ha, I'm not sure what that means, but I hope at least it means you know Nick. 

It's ordinary to pay a fee for an outgoing wire because all banking institutions charge one but not for incoming funds.

If you have a business you can deduct expenses the are "ordinary and necessary" to run your business.When I was self employed in sales I deducted all of the things you mentioned.

While taxes are certainly a consideration when I'm doing a cost/benefit on a potential sale, it wouldn't be my primary driver.Any s/t gain would be considered ordinary income.