So, Here are My Top Tips for Fix n Flippers When it Comes to Rehab Below:- PLAN YOUR SCOPE OF WORK AND REHAB BUDGET WITH DETAIL- FORECAST PROJECTED BUDGET AS ACCURATE AS POSSIBLE- USE A REHAB BUDGET TEMPLATE PROVIDED BY THE LENDER RATHER THAN MAKING IT SO YOU DON'T FORGET ANYTHING- HAVE 25% OF YOUR REHAB BUDGET AVAILABLE IN LIQUID FUNDS - DRAW OR DESIGN SKETCHES OF BEFORE AND AFTER REHAB -- ASK YOUR LENDER FOR HELP IF YOU NEED :)- ASK YOUR LENDER IF THEY OPERATE ON A DRAW PROCESS OR NOT- ASK YOUR LENDER IF THEY CHARGE INTEREST ON UNDRAWN FUNDS- ALWAYS OVERESTIMATE YOUR REHAB BID -- EASIER TO GET REIMBURSED RATHER THAN ASKING FOR MOER FUNDS (KEEP IN MIND YOUR RESERVES THOUGH WITH A HIGHER REHAB AMNT)What are some of your best practices when it comes to working with a Lender as a Fix n Flipper?

@Dave E.

Would I have to time the purchase of the property such that I acquire the property when a tenant lease expires?

BUT, I can show 7-figure liquidity with zero debt. 

Try Lumber Liquidators or local flooring places.

So, Here are My Top Tips for Fix n Flippers When it Comes to Rehab Below:- PLAN YOUR SCOPE OF WORK AND REHAB BUDGET WITH DETAIL- FORECAST PROJECTED BUDGET AS ACCURATE AS POSSIBLE- USE A REHAB BUDGET TEMPLATE PROVIDED BY THE LENDER RATHER THAN MAKING IT SO YOU DON'T FORGET ANYTHING- HAVE 25% OF YOUR REHAB BUDGET AVAILABLE IN LIQUID FUNDS - DRAW OR DESIGN SKETCHES OF BEFORE AND AFTER REHAB -- ASK YOUR LENDER FOR HELP IF YOU NEED :)- ASK YOUR LENDER IF THEY OPERATE ON A DRAW PROCESS OR NOT- ASK YOUR LENDER IF THEY CHARGE INTEREST ON UNDRAWN FUNDS- ALWAYS OVERESTIMATE YOUR REHAB BID -- EASIER TO GET REIMBURSED RATHER THAN ASKING FOR MOER FUNDS (KEEP IN MIND YOUR RESERVES THOUGH WITH A HIGHER REHAB AMNT)What are some of your best practices when it comes to working with a Lender as a Fix n Flipper?

Line of Credit Qualifications - rates start at 7.99%To qualify for our line credit product = 7x your liquid assets (cash, stocks, 401k, accounts receivables, inventory, etc.):- 640 minimum credit score- At least 2 real estate investment transactions completed in the last 36 months (rentals, flips, construction)- Line of credit must be issued under a business entity (LLC, trust, corp, etc.)- Cannot be delinquent on any current mortgage obligations- Cannot be recently emerging from or entering bankruptcy- Must be a U.S.

Pros/cons.Line of Credit Qualifications - rates start at 7.99%To qualify for our line credit product = 7x your liquid assets (cash, stocks, 401k, accounts receivables, inventory, etc.):- 640 minimum credit score- At least 2 real estate investment transactions completed in the last 36 months (rentals, flips, construction)- Line of credit must be issued under a business entity (LLC, trust, corp, etc.)- Cannot be delinquent on any current mortgage obligations- Cannot be recently emerging from or entering bankruptcy- Must be a U.S.

Thanks so much, @Dave E. .

The answer is yes, you need to report all the income on Schedule E, if you want the bank to give you credit for that income next year when you go to buy property #2.