Small single family investor looking for tax assistance

Just be careful of those pitching costly entity formations and tax planning, you may not benefit from that quite yet. 

Flipping is considered an active business, and when you run an active business in your retirement account, the profits from such activity might be subject to Unrelated Business Income Tax (UBIT), so be sure to consult with a qualified tax professional so that you understand the tax implications. 

The single most important thing you MUST do is get a title report prior to the auction (sometimes referred to as a preliminary title report, letter report or owner report).The title report will reveal what lien position the foreclosing lender is in, as well as if there are any other "skeletons" in the closet of the home (i.e. federal or state tax liens).

Moreover, the absence of eviction processes and the potential for tax deductions through depreciation are significant benefits.

We filed our taxes jointly that year, if it matters.

-----------------------------------------------------Contract Sales Price: 45KSettlement Charges: $19,723.14 Rehab Holdback: $53,400Gross amount due from buyer = $118,123.14-----------------------------------------------------EMD: 1KPrinciple Loan Amount: 101.8K-----------------------------------------------------Cash at settlementGross amount due from buyer: $118,123.4Less amount pay by/for buyer: $102,800CASH FROM BUYER: $15,323.14------------------------------------------------------Lender Fee + Service Fee: $4,999Insurance Premium: $843Interest paid in advance: $92.36Title Fee's: $1,504.2Transfer Fee: $100County Taxes: $184.53 Down Payment: $8600 Total: 16,323.09 Why is the total different from the cash I gave initially?

I have QB online for my other businesses but I want to see how my properties are doing as a whole and QB online requires a membership for each Tax ID.  

That will change your tax situation.

.- Floating rates so I guess rates would go down as FED cuts the rate2> Mortgage on property- Lender says if it is LLC, then it is prime plus 2.5% = 8.5% as of today- Lawyers & lender fees to be added- COST ADDER- Survey and appraisal to be added- COST ADDER- insurance, property taxes on property required etc to be maintained etcPer my discussion, it looks like LINE OF CREDIT based on stock is easy and cost effective.