I also really enjoyed the purchase and remodel process of my own home in Seattle, and look forward to doing it again here in Los Angeles.I'm currently studying for my agent's license and came across BP when my curiosity about wholesaling, REITs, and MFR ownership got the best of me.In all the years that I've watched reality shows about flipping houses and selling multi-million dollar listings, I've always enjoyed the thrill of the wins and losses, but having met so many people that believe it's that "easy", I wasn't sure if I was on the right planet.

@Rod Jones We've been down that road once and ended up walking away - the building had just the wrong amount of damage: too much for it to be viable for us to rebuild and not enough for the Vendor's insurance to declare it a complete loss.

I would assume that I should show a loss with no income for 2013.

I'd rather take a little loss on the front end than have the house sit vacant.

What works for me in any "up or down" real estate market, are what I call "life events": ...death, disability, childbirth, health issues, domestic issues, divorce, loss of job, relocation because of employment, retirement, legal problems, back taxes and many others, ...are all "life events" that can "motivate a seller" into selling their real estate!

I am kind of loss here.

I could rent out the one side for 1100... so already I'm at a loss.

No lease is an implied contract, no different than when you go into a restaurant and order food.

Sell fastSorry to hear about your loss.

Losses decrease basis.Just don't let your basis be zero as you will then run into taxable income.