My ideal scenario would be that we find a 2 or more acre lot, hubby the 2 kids and I are in the "main" houses and there is a cottage house or some sort of agreeable sized outbuilding where my parents are -- hence, they are close enough where we can help them out but both families have their own space.This more than likely would have to be new construction as I don't know if these types of properties are available around here (at least listed on the MLS).And of course space costs money in real estate.Any suggestions (other than don't do it, ha ha!)

Just be careful of dealer status with your flipping scenario.Apart from other issues the IRS auditor didn't like another LLC being paid management fees but it passed after scrutiny (including the operating agreement etc) along with the rental by the S-Corp of LLC owned office space, tools, mileage allowances etc.

However, it will rent for $1,500/month and taxes are dirt cheap.It is also entirely renovated and has many appealing features for higher end clientele in the area (exposed wood beams, gourmet kitchen, hardwood floors throughout).

I happily gave her back the entire security deposit and pet deposit as the place was spotless when I got it back.Hard wood floors are also better with pets.

Elizaveta, I will take a crack at it since no one has responded yet. 1) My first deal was a fairly in depth rehab which included foundation repairs, window replacements, garage roof replacement, electric work, plumbing work, floor refinishing, and a lot of the things we do to almost all our rehabs (new light fixtures, new outlet covers, new appliances, new doors, etc).

By the time we closed I had my carpenter, plumber, electrical, flooring folks all in place and ready to go.Then I drove the island to determine what I could purchase from there vs. what I needed to get from Houston.

we bought one that they smoked in for 45 years.we removed all the floor coverings etc & painted/sealed all the surfaces with shellac. it worked!!

As a builder my opinion is somewhat slanted, but here goes; you select the floor plan, colors and features that you have on you're wish list; the house has a warranty and you are usually selecting the homesite you wish the home to be constructed on; in a sub-division you still have a selection.

Also moved washer and dryer from the basement to the 2nd floor.

As for rents the top would be a 3bd 1 bath unit renting for $1,300 and the basement after remodel would a 1 bed 1 bath with an open floor plan renting for $900.