Many people wouldn't think about the tax implications of this until after the sale...and you're on the right track.Selling land that you developed would qualify you as a "dealer/developer" and the whole gain would be ordinary income and subjected to self employment taxes.

The VA loan is the best deal out there for those that qualify, especially since you can get started with so little down.  

@Roy N. certainly has a point around commercial properties and it's something most investors get to at some point (either the property is commercial or you have your residential properties, wrapped up as a commercial portfolio loan) as you simply can't keep qualifying personally.Another option is going with a lender which is able to qualify the self-employed.

We would really like to buy a house, but don't think he qualifies because of the job change.

well, the bank is going to ask you to qualify again and put down X%.

Hi BP folks,Lets say I like to make a deal on MF unit that have cap rate of 8% and If qualified for Freddie Mac loan that will let me have 75% LTV but then can I have the remaining 25% from hard money lender (but non-recourse if possible ?

What type of property would be best:I'd say start small only because you are still young, so perhaps intern with a really awesome wholesaler in your area or find one that is exceptional somewhere in the country and be their virtual assistant (scrubbing their lists or doing online marketing for them] What banks would be best to get a loan from should I need one:I won't worry about the banks just yet, focus on building your foundations and in the process, you'll get a good lender while on the journey to successBusiness and real estate books/ebooks I should read:MUST buy a hard copy of Rich Dad Poor Dad & buy the CashFlow board game [find a friend of yours who likes a challenge and play the CashFlow game with them-they might be a potential partner in your business in the nearest future] Pitfalls/rookie mistakes beginners make:Make a ton of mistakes!

Incentivize tenant replacement and good behaviors.Risk 1: Check with a few lenders to see how well you may or may not qualify for a refinance.

If this last comment puts you off, forget about being a real estate investor, your skin isn't tough enough. 

Hello all,I'm on the board of my HOA, and we're looking for a CPA to start doing an annual review for us.