Read robert kiyosaki book on Tax Loopholes, i read it and formulated a list of questions to ask a CPA when i find one to see if they are still applicable today... jus a few examples are decpreciation (unsure on how exactly it works but i understand the concept), some rules on capital gain and how to avoid it.

The basic numbers I see are usually:Purchase Price- price you pay for the propertySelling Price - amount you will sell the property for (not necessarily what you will list it for)Holding Costs- monthly payments, insurance, utilities, points paid upfrontRE Agent Commission - agent's commission on the sale of the property (commission on the purchase of the property is considered paid by the seller)Rehab costs - total expenses used in rehabbing the property from lawn, paint, permits, property inspection, contractors, supplies, etc.Profit - the amount you must make to take the dealIf you take the selling price and first subtract the purchase price, then subtract the expenses (holding costs, agent commission, rehab) you should have your Profit amount.

(He was basically invisible once the deal for the house was done)Anyhow, here is the deal.

So what you'd do is convert each room into a miniture suite with a mini fridge, and just the basics.

don't over do it when it comes to "reading about real estate"...sooner or later you're going to have to get out there and consider your options - the thing is how well can anyone actually consider their options when they don't know about the options that exist...that's where your basic education comes into play.good luck!!

Basically she will add you to the deed, after the property closes, however you have to stay on top of this if you proceed, and have some legal agreement set forth too.

Ok so basically - as long as I buy a similar property within 45 days of selling another (and none are owner occupied) - I can avoid being taxed is that right?

But with short term rates so low anyways, those aren't **too** big a factor.Still, add it all up, and there is a basic 'flip' cost that seems to be around 10%.This means that to make a profit as an investor, the price gap between what I pay and what I sell for must be perhaps 10% + fix up costs (call that 10%) plus profit (being VERY conservative, let's call that 5%).

I work on the rehab that me and a friend currently are doing. there's about 4 of us and all we have is the kitchen and were done wtih the home. it's awsome it's only been about 1month. but we worked late. basically i just weigh the cost of doing it myself against the cost of paying someone. i believe my uncle once paid $50 for someone to do his books and he said it just relieves some stress not having to worry about it..

What is helpful about getting a license are the classes -- they teach you basics and the law.