Hopefully I won't be too bad off if the IRS checks me out since I believe the short-term capital gains rate is the same as my ordinary tax rate, but I'm starting to think that maybe I should have paid self-employment tax even though I only did a couple.In any case, now that I am going to focus more on REI, I will set up a S-corp to do the fix-and-flips and a llc for the rentals.

Now I have a smelly deck - not so bad except in the humidity.If the basement concrete is damp, you'll be able to smell the pee when it's humid outside.

There are no spots in the ceilings that look bad and based on the condition of the rest of the paint I don't think the last people who owned/lived in it would have covered it up.The other numbers have helped too.

I would never pay that much for carpet for a rental)Cheap carpet gets wear patterns and starts to look bad in just a couple of years.

At this time I'm just kind of gathering info trying to determine the best plan of attack, its crazy out here right now prices keep dropping, I would'nt even think of investing out here right now no end in sight, so just trying to determine if something out of state is in option or just be patient and raise funds.The painting biz is pretty good right now, for me at least, but just about everyone else is getting killed, lots of contractors with no work, some for months now, to bad a lot of good guys.

its a bad risk for the companies to write. there are ways around it though. a property is defined as vacant when there is absolutely nothing there and no one is returning.. if you keep some things there.. table chairs old couch and return once every 60 days its unoccupied and will be covered under a standard ho3

In other words, it is your bad luck if a lien is missed.

Too bad they aren’t all like that. 8)

I don't think an hour away is all that bad, obviously the closer to home the better but please, an hour away.

You also are not allowed to use 1031 tax defered exchanges.Dealer status is a very bad thing.