You don't have to do this but every dollar you buy less than what you sold, or ever dollar you take in cash is considered to be a profit first.  

People who are against Condos usually say this:The HOA will eat up a lot of your profit.  

Make sure you have enough of a reserve to account for unexpected expenses such as vacancy and major repairs.

Another assuming question is, if all goes right, which is usually the plan but typically not the outcome, is the profit all subject to tax even if its partially used to pay yhe HELOC?

I then use websites like Build.com or Wayfair to source the majority of the materials and have them shipped directly to the project site.

@Theresa Amouzou There is a huge difference from country to country in Europe, so I would try to get in touch with investors in UK spesifically.One major difference between the US and Norway for instance is the fact that offers are binding.

Is this something everyone comes across quite frequently and i just have to accept the fact that a majority of the people out there will most-likely not show up at all or am i just running into some bad luck during my first go-around?

Go to your local rent court proceedings for eviction - you surely will find some referrals thereAsk the tenant to manage themselves - they can call for maintenance - and deposit their rent check into your account at the bank when due - give them deposit slipsTrain someone to do the things you don't want to do - pay them a percentage of the rent - there are lots of folks who would love to do this for youManagement takes a big bit out of your profits - be smart save the bucks - do it yourself - it ain't that hard.

It's in an up and coming neighborhood so I did have the idea of renting it out in the future or selling it for a profit.

The people you do business with need to know you are in business to make profit and you will recover your losses from vendors who are incompetent or cheating you.