Additionally, I will be attending the Ocean County Sheriff Sale this coming Tuesday to observe (we have two private lenders who are interested in working with us).Thank you in advanced for any assistance you all can provide!

as Curt points out.. really any property you buy no matter were or what.. will cost you money to sell if you decide you want out within a short period of time.unless the market goes up more than the 8% that is the usual sales cost when you factor in commish .. and other closing costs.and in most cash flow markets 8% appreciation can take 4 to 10 years if ever. 

So with that being said, my partner and I decided to get into Real Estate and flip houses to rental properties to do whole sale properties and the likes.

It took 6 months from beginning to end and here are the approximate numbers:Purchase Price - $170kClosing Costs at purchase - $11kRenovation Costs - $80kHolding Costs - $9kSales Price - $320kClosing Costs at Sale - $35kNet Profit - $15kI was hoping for profits closer to $30k however since it was my first flip, I'm just glad that I didn't lose money.

We are a hot market and growing very quickly here, we have some turn key stuff as well as multi fam, foreclosures, and motivated sellers, an overall good mix of homes for sale. 

Does anyone know or know where to look for what we should be collecting for sales taxes

She's been helping to ready up the unit for sale, like talking to contractors etc.It will be soon time to draw the sale contract.

Depreciation recapture, income taxes on the depreciation taken, are due upon the sale of the property, regardless of sale price.  

More than 15 years of experience in an international customer service environment.My goal is to constantly improve my skills and knowledge of the real estate industry, particularly in sales, where extensive experience and expertise can be utilised.

It was a small deal, something I can buy with the cash from my business sale, and it was nothing fancy: but it is my first deal.