For further details on this parameter, please consult our user guide.We have allocated a budget of $15,000 for renovations / refurbishments.The purchase price of a 2-bedroom / 2-bathroom unit in this area is $498,000, with 5% of this price allocated for closing costs.A turnover cost of $175 per booking has been factored in, with no rental management fee assumed, indicating that you will manage bookings and cleaning services independently.The mortgage rate is set at a fixed 7% per year, with an 80% loan-to-value ratio (LTV) and a 20-year term.For the remaining parameters in our financial model, please refer to the image above.Taking these values into account, below are the results of the financial case study.Some insights:The results show the anticipated performance of a 2-bedroom / 2-bathroom unit in the southwestern area of Okaloosa Island, Florida.Expected gross revenue amounts to $78,240, derived from 47 bookings with an average stay of 5 days at an average daily rate of $325 (inclusive of cleaning fees).Total yearly expenses add up to $68,014, encompassing various costs from private mortgage insurance (PMI) to property taxes and annual loan repayments.The cash required for this deal totals $139,550, incorporating the 20% down payment for the mortgage, 5% closing costs, and the $15,000 renovations budget.Pre-tax net revenue stands at $10,226, representing a 7.33% cash-on-cash (CoC) return.The annual return on investment (ROI) is 1.9%, excluding value appreciation.

These numbers should be determined using a combination of the historical financial data available, feedback from your property management company, your business plan, and the property characteristics.Generally, you can expect per unit numbers like this:Repairs & Maintenance: $200 – $500 per unitAdministrative: $150 – $350 per unitUnit Turnover: $200 – $300 per unitContract Services: $200 – $500 per unitUtilities: $800 – $1,200 per unitAdvertising $100 – $300 per unitPayroll $1,000 – $1,600 per unit (very market specific)Insurance: (very market specific)RE Taxes: (very county specific)Again, these are very general per unit numbers but they should help provide you with guidance. 

Oklahoma City does not seem to far from you.LLC vs CorporationIt is generally advised not to hold properties that tend to appreciate(such as real estate) within a corporation.However, there are potential tax saving strategies of doing flipping or wholesaling within an S-corp to save on self-employment taxes.Below are some links of other BP members who requested for a CPA in Oklahoma CIty.

I’m only running the business part time (15 to 20 hrs a week) and it’s already bringing in about 3k a month profit (with everything subtracted from revenue besides taxes). 

Taxes for immediate payback, and then in a year or two when the rent increases, you will be in the money.

Understanding and taking advantage of the variety of tax credits boosts the return on your property and allows you to be part of the move to conserve our nation’s historic treasures.When rehabilitating or investing in the rehabilitation of an eligible historic or non-historic building, you may be able to take advantage of one or both of the historic tax credits: 1) Historic Tax Incentives and 2) Historic Preservation Tax CreditsYou can receive a federal income tax credit equal to 20% of the costs associated with rehabilitating the building.

The final document you will need is a Certificate of Occupancy or a Certified Inspection[11].Texas or taxes:The City of Austin's Hotel Occupancy Tax rate is 11 percent, comprised of a 9 percent occupancy tax and an additional 2 percent venue project tax.

Realtor fees, income tax, correct arv, correct costs.

Thanks in advance Florida is a super lien state, so depending on when the condo was created the entire lien amount could be owed by the buyer or a portion (I believe lower of 1% of the purchase price the person being foreclosed upon paid or 12 months HOA fees, whichever is lower).Definitely will want to look into that.

The holder of the note makes no real difference; in Jane's case, it might be more advantageous to her to hold the note than sell outright depending on how she can absorb the sale from a tax perspective; in your case you don't have enough income to do a conventional loan so getting a seller carry can give you more properties.