It is a slightly depressed community - there were a bunch of foreclosures here, of the 54 units (it's a small community in a small town), 17 are rentals and some are ill maintained.

The problem is I have not done my taxes for 2011 ( due to an illness and move across country).

So I'm flexible on location and property type, but intent on building a good "team" to work with!

Ill do it tomorrow".

Dont think ill be doing that anytime soon.

I'm not a tax professional, so I'm sure Steven will correct me if I'm wrong...But, if the intent was to hold the property as an investment and it was held for at least 366 days, it qualifies for long-term capital gains...even if it was put under contract prior to the 365 day mark.That said, the sooner it goes under contract, the harder it will likely be to prove intent to hold the property...so make sure you can justify the quick sale...

Let's be intentional about this equity building exercise.I'll even through in a $20 Home Depot gift card if you meet your goal.

Here's just one rub, the federal SAFE Act mentions "any financing arrangement" and further, that is any state law does not cover the intent of the federal law, the federal law prevails.A CFD is a financing arrangement.An option, if more than 10% of the purcahse price can also be seen as a financing arrangement.A lease provides a leashold interest not an ownership interest to property.

My wholesale intentions full disclosed!

HUD has the final determination as to the intent of the federal law under Dodd-Frank is being complied with under state laws as to mortgage and real estate transactions.