Without any experience, I opted for a slow flip to get started, and hitting the IRS two year mark to keep all financial gain from this hardwork in our hands - and invest that into another property to flip - likely another live in. 

By the time my buyer got financing, we had to pay a 5% ($150 or so) late excise tax payment penalty because we were 2 weeks past the 30 day mark, but all was well.  

@Mark Allen Thank you for the simple answer.

Mark Nolan and his team helped me setup my solo 401k back in October with Fidelity Investments.

Examples would be great or if you were to look at the 1st note on the water mark exchange link below, what are you looking at/for? 

Combine that with today's technology and you will be on the mark and stay out of trouble.  

It was Mark Shuler who really does what most of us dream to do.

Once you've worked with your contractor long enough and have seen his estimates play out  - you will have a better idea of how close he is to the mark - many contractors will low ball you just to get the job - then once he is knee deep in it - more expenses suddenly rear their ugly head ...this happens to all contractors - but the good ones will have accounted for the unknowns up front and should come in close to his bid unless something major has been discovered -  best of luck to you - let me know if I can connect you with anyone

Also marked out the dates on my calendar of key "need to do before" dates so I wouldn't forget.Called around to some of the suggested inspectors and asked for quotes and dates of availability as well as called up my mortgage company to let them know I will be needing them to start some paperwork.

@Mark FriesInteresting story about the DEA.