Hopefully I explained this where it makes sense, but the point is that anyone who says that a flip house held for over a year that makes profit will be taxed as a long term capital gain is likely incorrect, unless you can prove to the IRS that flipping is really just a very part time hobby for you.

Dion:  Can you explain more what you mean here?  

People keep asking me if I'm nervous to move so far across the country, after which I explain that not having to move/drive through 7 feet of snow every winter is helping to calm my nerves!

If you are looking for funding, feel free to explain what kind of opportunity you can offer an investor, and what kind of return they could expect.

Explain to sellers how you arrive at the number you quote them for their equity.

So that might explain the 3-4 million that was wiped clean but what about the outstanding liens to totaling over a million.

I don't know about all attorneys, but I have one that is investor friendly and willing to explain these things to me free of charge.  

You still need to send the previous tenant a explaination of costs on what you did with the security deposit.

It explains how to mention someone in the thread so they will get an alert.http://www.biggerpockets.com/blogs/1/blog_posts/20337-at-mentions-come-to-biggerpockets

Joel Owens can you explain some?