Investment Info:Single-family residence fix & flip investment.

My thesis is pretty simple: invest in desirable areas that have high demand and limited amounts of land.

I have a 2 bd 2 ba amount of furniture ready to go.

Are you saying the HELOC amount should be less?

Its so much more than buying any home; have home depot labors fix it; rent to section 8 and collect check to become rich.  

I can’t speak to the $10K in closing costs without knowing the total loan amount so there’s some information missing.

If you sell within 3 years of moving out, you exclude your capital gains(up to $500,000) but you still include as income the amount of accumulated depreciation on the propertyif you sell after 3 years of moving out, you may capital gains and tax on depreciation recapture.best of luck.

I have lost 100% of the investment amount.

Your rental income and expenses would end up on your personal return and could net to zero, but not be deductible (unless you have real estate professional status).Bill does have a good idea about living in a residence for two years, fixing it up, and selling it with the exclusion (up to 500k for a married couple), if that was something you wanted to do.  

Or just any amount above $125,000?