Elliot,As @Russell Brazil said, 5-10K over the next best offer would get a seller's attention in a bidding war, but only if you have the room in your numbers.

@Russell Brazil, @James Masotti and @Dave Toelkes are correct.The IRS does not care if you buy a house, add parts to it and sell it or you buy bread, lunch meat and mayo and sell sandwiches.  

@Russell Brazil,  THANK YOU for saying that!!  

Knowing that I don't know the intricacies of the business and wanting to leap frog over some of the normal issues that come up, I contacted John Fedro after listening to his BP podcast and reading his blog/posts on the subject.I will be starting to work with him on Monday and hopefully start learning the nuts and bolts of the business and benefit from his 15 years investing in MHs. 

I have alot of investors from California invest here in Columbus, mainly because its affordable, cash flow is there, and appreciation is nuts, all great things for BRRRs. 

Drives me nuts.

I would agree with @Russell Brazil (as a mod as well).

Originally posted by @Russell Brazil:@Cara Lonsdale The IRS lists activities that qualify for the real estate professional designation. 

@Russell Brazil there is no phone number on the letter.

I suggest you go work for Tidal or Sterling and get some of the nuts and bolts together before you spend $250000 to set up shop.