You need to speak with your CPA on this as the BP community is not licensed to give tax or legal advice.Intent plays a huge role in the taxation of ordinary income from a “flip” or capital gains from a buy and hold.

We knew the play was an apartment building.

I'm playing the long game with this one, and I intend to rent for the duration of the mortgage (30 years).  

Hi,I am in the process of creating a board game to pitch to BiggerPockets.Most of us on here have played or at least heard of the CashFlow game by Robert Kiyosaki.

This is from my Craigslist ad:EXECUTIVE QUALITY FURNISHED APARTMENTS:2 BR apartment - Working Labradors - $6002 BR apartment - Resting Labradors - $6002 BR apartment - History Channel - $6002 BR apartment - Sports - $6002 BR apartment - Ocean Sailing Ships - $6002 BR apartment - Dogs Playing Poker - $6002 BR apartment - Guy Movies - $6002 BR apartment - Rock and Roll - $6002 BR apartment - Quentin Tarrantino - $6002 BR apartment - Country Living - $600AFFORDABLE FURNISHED HOUSES:3 BR house - Schwarzenegger Tribute - 2 baths - 4 beds - $10002 BR house - Garden Spot - 3 beds - $6002 BR house - Matchbox 20 - 3 beds - $6003 BR house - Forrest Gump - $6003 BR house - 5th Street Retreat - 4 beds - $8004 BR house - Grand Central Station - 5 beds - $10003 BR house - Retro - $6003 BR house - The Green House - 4 beds - $8002 BR house - 7th Street Retreat - 3 beds - $6002 BR house - 6th Street Retreat - 3 beds - $600BIG MAN CAVE HOUSES:The Hunting Lodge - 2 story - 2 baths - 5+1 beds - $1250The Taj Mahal - 2 story - 2 baths - 6+2 beds - $1600The Big House - 3 story - 4 baths - 8 beds - $1600

The same dynamics that allow you to expedite your business plan and sell sooner than expected, are at play when looking to place the capital too. 

Its not always about the cash flow sometimes family dynamics plays a factor

Have you ever heard the phrase, "when the cat's away, the mice play?"

So let's play hypothetical worst case scenario here:Your put in $200,000 for renovations, plus 15 months of your time.  

As I'm trying to learn and put my finances in better shape I am playing with the idea of refinancing my home.