Any income from wholesaling is going to be subject to either ordinary income or short term capital gains.

Bush has not objected when the big firms and rich executives of Wall Street have been on the receiving end of federal assistance, but now he is threatening to block a measure to aid hard-hit neighborhoods filled with ordinary Americans.I think its an ugly situation that these two entities have been structured so any rewards go to the shareholders and especially executives and risks get moved to the taxpayers.

You would be entitled to all the ordinary and necessary expenditures related to the rental, such as repairs, insurance, property taxes, maintenance, etc.

Adding ammenities, such as a patio area and outdoor kitchen?

You cannot be successful as an investor by paying retail.As an ordinary rental, a $330K house would almost never make sense.

CD is ordinary income, real estate cap gains (until Mr.

** At least twice in U.S. history, our government (which, after all, is composed of ordinary citizens like you and me) screwed up big time, but redeemed itself handily. 1.

Now that they have moved, I have a crack in the patio.

Buy closing costs: $2000 (orig fee, plus all the other crap that shows up)Insurance: $500Inspection: $300Rehab: $7500Purchase: $92,500Total all-in cost: $102,800Holding cost for six monthsInterest: $3000Second insurance: $500Utilities: $600Taxes: $1500Total hold: $5600Total investment: $108,400Loan: $87,500Cash: $20,900SellPrice: $125,000Commissions: $7500Sell closing costs: $2500Loan payoff: $87,500Sale proceeds: $27,500Less cash investment: $20,900Net profit, pre tax: $6600That's taxable at ordinary rates.Your low money costs help vs. hard money.

The list goes on and on and may include: landscaping, exterior lighting, mailbox, patio/deck, air conditioning (although it probably has it considering your area), etc.Also consider the quality of the home.