Hello Steve,Wesley is correct.

But, and correct me if I'm wrong, I believe that the biggest challenge of asking is that we either don't know or can't or won't express what our needs are.We know that the needs are there.We know that you have needs.We just don't know what they are and we don't know when you need to have them addressed.As a member here on BiggerPockets, I'd like for each member to feel as comfortable as possible in sharing your needs.

The correct income tax treatment of a seller credit to buyer for closing costs is a reduction of the seller's sale price, so it would not affect his/her capital gain treatment.

* Restaurants – We offer competitively priced financing for a wide range of properties, including owner-occupied and leased facilities as well as fast-food and full-serve restaurants in neighborhood settings or urban

Also, like mentioned earlier, the HOA fees on these buildings are very high and vacancies can destroy your cash flow if not done correctly. 

Who knows maybe I will be able to send you some business.Carptr, I'm descending upon Manhattan with my kids theatre group for fun food broadway shows workshops etc.A whirlwind vacation.Lookin forward to it.Mike Mike

Why you seem to be getting confused is that you hear different things froom various sources, and they ALL may be correct, in that instance.

A contract that covers something illegal is not enforceable.Most states prevent someone who is not a principal from collecting a fee or commission on a RE deal unless they have the correct license for the state.Depending on the deal and how you document your relationship to the parties you might be bring to court a document that proves you are breaking the state laws on RE brokering without a license.John Corey

Learn the costs of materials, learn how to pull proper comps, learn to inspect a property correctly, and above all learn to trust yourself.I believe that the one reason more people dont get into flipping properties is not because of risk, but instead because of self doubt.

Looks like you got your numbers correct.