@Pete HarperYes, to avoid any taxes you’ll need to reinvest your net proceeds ($350k minus commissions and costs.)You can do a partial exchange but anything under $350k purchase will involve some taxes. 

REO list price: 50,000ARV: 110,000Comps: 100,000-115,000Offer price: 50,000Home inspection: $500Closing costs/taxes/fees: estimated 5,500Estimated rehab cost: 20,000Carrying costs: 1,500Loan amount: 55,000Out of pocket cost: 20,500 (down payment, home inspection, closing costs and fees)Loan terms: 12 months @ 10% interest + 3 points at closingTotal cost of house + rehab: 75,500Sell price: 105,000Gross Profit: 34,500REA commission: 5% (5,250)Closing costs: 5% (5,250)GC share: 10% of profit (3,450)Carrying cost: 1,500Out of pocket expenses: 20,500Loan interest: 1,000+/-Loan points: 3,100Costs: 36,450Net profit: -1,550Taxes: loss

Simple FormulaEstimated Equity=Estimated Sale Price - Mortgages - Liens - Closing Costs - Commissions -RepairsJust curious,  If you like ListSource and their filter why not just use the service for a year ?

My understanding is you’re not making a commission, you are making a profit by selling the contract.

I have a great job... but I am a 1099 contractor at a 100% commissioned job.

without closing costs,repairs,commission and 2nd closing costs ?

Remember foundation companies are not engineers and they work on commission.  

Most good landlords have commissions accounted for in their budgets.

It won't cost you anything as those costs are covered by the commission and paid by the seller.I don't know how down payments work in the US, in Canada the money comes from where ever (ie it doesn't have to come directly from your bank account).

We maintained management through the hold period, which included leasing commissions and management fees.