FULL STOP  Your ability to make such a profit will depend on your ability to manage the asset better than the prior owner.As a seller, the broker should be helping you determine the price point, at that time, that attracts enough buyers to achieve an optimal sales price.

You can test that side of it out to see if it's a good fit for you, but take some time to find which side is the right fit for you because that will be a key to achieving long-term success.Also build as many sponsor relationships as you can in the beginning because that'll give you plenty of options when you find a deal. 

First, when calling banks target the smallest most community based banks you can first.

Quote from @Susan McBride: What are you trying to achieve? 

They weren't targeted so they were dead.

They buck the passive rules for 469, and are considered active.BUT - As with any other business, to deduct the losses the owner must materially participate.Material participation is achieved by:1.

If you are looking at buying small businesses I would target the ones that baby boomers own, many of them are retiring and looking to sell their business as a retirement plan.

I don't know what your lifestyle is like, but if you're able to save $200K-$300K or so per year, this is extremely achievable. 

It is November 25th and there is only about 35 days left in the year with a lot of professionals who take off the last week of the year.Given that information, you will likely need to buy a poperty with a quick close to achieve what you are looking to do.

@Joel ThompsonYeah, I’m thinking those markets will be more in my target area for now.