Well, some things aren't totally clear from your post, so I can only answer based on guesswork.You inherited the condo, and thereby received a STEPPED UP basis, if you sell it there's NO GAIN, so NO TAXES.

This is the first building that I've ever purchased and I'm curious as to how you all think I made out:Sale price of $130,000 (however I did an FHA loan for the down payment so the total price was $136,900 with the $6900 gifted back to me).

The seller picks these old MHs up for $1000-$3000 and rents for $250.00 each making a total income of $2500.00.

I totally agree.

All costs will be rolled into the loan.choose 4,6,9 or 12 month terms for repairs paying prime plus 1.5%The permanent loan is already in place making this a one time close.The total origination is 2 points.This also works for new construction.Please email me for more info [email protected] Dennis

Flipping vs. landlording are two totally different ways to go.

Total gross income $575Vacancy allowance (5%) 28Non collected rents 28 -------Net rental Icome $519Taxes $ 60Insurance 30Management ??

If you can not stand to loose some money you should not be geting into building spec homes. 4) As you seem to have no track record it will be tough to figure the total cost of a project... hence you will not know what your profit margin would be and what your downside could be if the market turned on you.The beaty of flipping is that once the place is renovated you can rent or sell.

In this example the total annual amount of fees would be reduced a little (as with your rent) but would further show the disparity between the two companies.

Total rent for a year is $10800.