Flip income is considered short term capital gain which is taxed at your normal tax rate.

You can pick these properties up before the actual auction directly from the owners.If you get to the actual "Auction," normally Court House Steps, then you best be very prepared. 

I had 11 of these and good systems in place but still had 1-2 evictions a year and 3-4 big things that were normal annoyances like plumbing leaks, damages from hurricanes, or some vandalism.

@Toye AdeyemoMy contract explicitly defines normal closing costs as section 1100 of the HUD form.

After all this is a business.2) Make sure that vacation rentals are something normal in the community where you are buying or at least your property is far enough from other properties in the area and your tenants won't bother your neighbors.

In Berkeley, they are normally worth a lot more.  

Is it normal for prop mgrs to take a % of the rent charged EVEN if tenant is not paying the full amount due to Covid?

A general range tends to be 85% to 100% covered.LTV is normally expressed as a percentage and that percentage is of the ARV.

I am totally booked out for this weekend in 20 plus properties.We are busier then normal thanks to Covid sadly.

To put some (fictitious)numbers out :Prop 1 valued at 1million Prop 2 valued at 2 million Addtl assets valued at 750KAssuming normal GL coverage, how much umbrella do I need?