I sold that house two years ago for 80,000 It is my back up in case of emergency I have had some emergencies and only have 25,000 leftI have bought three properties I live in one primary residence valued at 800,000 and have a rental that is paid for that is rented section 8 for 1900.

Your plan is to wholesale the deal and make a 200k profit, by just offering 200k less than asking price.

Just be sure to have a plan in place to avoid any potential financial risks.

I plan to fix foundation, do roof replacements on both structures, do bathroom remodels across 2 bathrooms, new flooring, electrical repairs, add fence & gate, more landscaping. 3. 3plex is held in a LLC of mine. 4.

When you depreciate that portion of the asset, you reduce your basis, and ultimately increase your future tax liability in exchange for the write off in the current year.1) What is your short/long term plan with the property? 

What is the minimum crew size we'd need to plan for and what the minimum # of builds we might need to plan to keep a crew active in a given year.

I don’t know if it would be worth it to do a 1031 after only a year unless you’re buying both properties for much less than their worth assuming 10% in selling costs (which might offfset any tax savings over just selling the contract) if the property goes from $100k to $110k by next year your taxable gain will already be zero after selling costs.if you plan to sell soon anyway  I think I’d lean towards just selling the contract and freeing up the money, saving loan and interest costs.

The house is great, great location and we remodeled it a little nicer than we originally planned given the strength of the location. 

Have you talked to the planning department about this?

The "Live and Flip" idea could work if you're okay with a short-term plan.