The issue is that flip transactions are considered a trade or business activity, and if a tax exempt entity like an IRA engages in a business on a regular or repeated basis, then there is a tax known as UBIT that applies to the gains from such business income.

Building is 1968- will have to find out about lead paintPitched Asphalt Shingle Roof with aluminum gutters, Ill have to double check but think its 5 to 7 years old.Separate meter for electric but owner pays for heat (Oil-- not sure conversion gas is worth it but option is there)Good question about wiring, i would've never thought of that..I would assume I want it to breakers..

So, I don't really have a question per se, but any thoughts, tips, etc. on this situation would be very much appreciated.  

My thought process is why not make some money while you are learning about real estate and your local market.

Or he asked if I could pick up the mail from the apartment and hold in my office for him to pick up one day.I am happy to help tenants, however I do not want to get into the business of holding and collecting mail and wasting my time with that.My initial thought is to tell him that I am sorry, but we are unable to hold tenant's mail, and that we advise new tenants to write "Wrong Address" on the envelope and return to sender.

I made an offer I never thought he would accept, but he did.  

Hey BP,This one is a little off the wall, but just curious if anyone else has dealt with this already.Just when you thought you'd seen a few things, you walk into a garage that sunk 2-4"...it's bizarre!

It's in rough shape, but might be able to be fixed up.Any thoughts or similar experience out there that could weigh in on whether to plow it or clean it up and keep it?

But would appreciate your thoughts on it.Also if the asking price is 560k and they haven't got any offer....how much would you offer?

nobody likes the thought of their business sitting on a toilet owned by a previous stranger.