Hello Everyone,I am 21 years old from Philadelphia PA, I am really looking to get involved in real estate.

View report*This link comes directly from our calculators, based on information input by the member who posted.

It is subject to self-employment taxes.Money earned from (and expenses associated with) flipping will likely be reported on Schedule C unless you are in a partnership or choose to be taxed as a corporation - an entirely different discussion.Rents (and rental expenses) are reported on Schedule E. 

She has no involvement in financing so in the eyes of the bank, she's never had a mortgage. 

And IRS rules say that as such personal you can’t be part of ANY transaction your IRA is involved with, DIRECTLY or INDIRECTLY.

We will be collecting tax and reporting it each month.

If I read this rightGross Income Reported is $81900Vacancy 5%GIR-Vac @ 5% is $77805NOI $55805From what I can calculate that works out to a 9.71% cap rateWhich puts the est Property Value at $541,867 That's not too far off which is good.With the 50% method and using 10% Vacancy Rate, it drops the value down to $357,862 Gross Income Reported $ 81,900 Vacancy 10% GIR -VAC $ 73,710 NOI $ 36,855 Listed Cap % 9.71 Est Prop Value $ 357,862 Now again my math may be off but I think that you should be somewhere between those 2 numbers on price and of course that will depend on a lot of other factors and how conservative or aggressive you want to be with your numbers. 

I just flat out asked her if she had the power to sell at any price she wanted or if there was a realtor involved looking for a commission?

The reports are 40-90 pages long and go through the entire house in great detail.Get an appraisal.

@Lateeka Mosley It is possible, but there are several factors involved that can potentially kill the deal.