If he holds the note to the property and you pay over time, it classifies as an installment sale. 

Because of this, in my taxes, I did not classify this property as a rental and therefore was not able to get any of the tax deductions that rentals qualify for.  

There is no elevator, does the basement units classify as "ground floor units" ?

And classifying it as a "remodel" makes permitting faster.

The local county assessor classifies it as SFR, not commercial.

Don't they all need to be classified as "If to seller" not just a "copy" to?

Looking in local classifieds, Craigslist, FSBOs, REO websites, and direct mail are ways to find properties that you might be able to get under market value.

This means the profit is taxed as ordinary income (not capital gain) and subject to self-employment tax.If, however, you're portfolio shows a history of rentals, you intended to get into this property as a rental but ultimately decided to sell for whatever reason, and this "flip" is not a regular occurrence, you may be able to avoid classifying it as a flip subject to ordinary income and SE tax.Definitely make sure to speak to your CPA to get specific advice on your personal situation.

They're still considered capital gains but the STCG rates equal ordinary income rates.If the holding period is longer than a year, you will benefit from the long-term capital gains rates, which are significantly lower.Keep in mind, if you're flipping properties and are classified as a "dealer", the properties are considered inventory.

I think most people would classify me as financially independent and I live in San Diego but not because I think it is perfect.