Do I sell and pay capital gains and dump the money into a different market or do i refi and buy something else ?

.$995 is great rent but you also don't want to evict if tenants can't pay because turnover costs can kill the ROI.Just my opinion 

I am a tax attorney and i still am confused, and I am willing to bet that most people will be putting it on schedul e, not paying se tax, not calling it passive, and deducting losses against w2 income, and playing roulette with audits.  

They typically pay too much for their deals, especially if they are wholesaling from out of state for the same reason you stated...prices are all over the place.

To get this, I’m paying them about 10% over asking price in total purchase consideration, but the terms and monthly payments are so favorable that it really doesn’t make much of a difference.Although I’ve read extensively about these deals, this would be my first and my big question is around the taxable basis of the property.

Oftentimes, we would work closely with CPA to make sure how our borrower's taxes can be filed that would save them from paying taxes, but also making sure they can qualify in a lender's perspective.You would want to make sure your first few deals has an acceptable of return in order to lower your DTI and expand your investment portfolio in Real Estate.

When you refinance for a lower rate, you'll need to pay all of your closing fees again (title, escrow, insurance, origination fees, processing fees, etc).

The gravy for them would be level of finish and extra amenities but they aren't going to pay substantially more. 

At which point you have 30 days to accept and pay or decline.

I was thinking of getting one for my property's LLC and then adding myself as an employee with a separate card, cancel my card I have for personal use, and expense the annual fee for the business card.If I have a business card as an employee, what are your thoughts on using that "employee" card for my personal expenses so I can track them and pay them separately.