Our buyer will then buy it from us with cash (so yes, we will have actually owned the property for an hour or so)So, if our profit was $40K, are we liable for capital gains tax, regular erned income tax or what?

As Zig Zigalr said "You can have everything you want in life if you help enough other people get what they want"Of course I'm always seeking Investors That are interested in Profit Sharing.I also have a marketing center that finds Real Estate and Business notes.I am also looking for Investors that are interested in buying notes at discount either for resale or to hold.

You know your quote under your name says "Investing with honor, for a mutually fair profit".

Rehabs ALWAYS take longer than you expect, ALWAYS cost more, it ALWAYS takes longer to sell, and you ALWAYS sell for less than you thought.The rule of thumb for fix and flips is that if your buy and rehab costs are 70% of the ARV, you will make a 10-15% of ARV profit.

Alternatively you could fix and flip some properties then reinvest the profits in rentals, although putting a down payment on a rental will dilute the returns, so this option is only second best to buying rentals that cash flow with no money down.Hope this helps...

I use what has worked for me and I have operated a profitable rental business in doing so.

I have a singlewide tralier that I rent out to my parients and do not make a profit they pay my mortgage.

Spend that time looking for another deal, it will most likely be more profitable for you when all is said and done.

I'm working on my multi-units right now so I plan to flip couple properties for quick profit.

Just thinking about this, it seems like realtors that are doing this in the next three years are really going to profit in this market.