The homeoner and I are going to a lawyer and paying $150 for the sellers agreement.

I am trying to avoid a lawyer

Either owned and operated a small business and it became larger, worked for a successful start up (think high tech), that went public, went to "trade school" (doctor, lawyer) and went to the upper reaches of their field, or worked long and hard at their job, saved and invested wisely and didn't pi## away their money on foolish things like new cars every two years etc.There are two sides to becoming a millionaire, getting it (offense) and keeping it (defense).

If you are able to give them a good plan as to what you will do when, this is what they are acceptable to.The only thing I have found in Real Estate is that it is constant flowing like a river and the conditions change.

House is in bad condition.

Not to mention converting it from dirt floor to livable condition would take considerable work.

The main one being your corporate structure.If you are planning on flipping houses, it's always good to first consult with a qualified accountant and lawyer who is knowledgeable in real estate.

Also, did one land contract where lawyer assured us that if the person walked away or defaulted there would be no legal steps to take recover possession again.

Our county fairgrounds opened up air conditioned rooms for the public to use because of the heat and the State was on the edge of declaring a state of emergency.

I know, I'll actually contact a qualified CPA and a tax attorney to see how it applies to my particular situation, but I'm also just curious about this in general.Disclaimer: I'm not a lawyer, nor a CPA.My understanding is like this:Yes, the taxable loss can offset earned income, if you can be considered "active" in your investment.