Buy and Hold turned in to Flip in less then a week.

[Ahsan Harriel]

So I have this duplex under contract in Macon, GA which my intentions where to buy and rent out. So my closing isn’t for the next couple weeks but after running title search I decided to show some initiative and start working on the house nothing crazy just cutting the yard and cleaning up the house. Nothing that actual cost money just time. So by closing day I am ready to just str8 into rehab which I intend on doing my self. So after cutting out the jungle around the property you can now actually see it. (Neighbors told me they had no idea a house was there) I get approached by the closest neighbor who owns the house next door and plans on doing the same using it as a rental offers to buy the house at 3x what I paid for it??!! I had no intention on being a wholesaler. I am in for the long term cash flow. Do I use this as an opportunity to increase my number of doors or should I just stick to the original plan. Did I just become an expert wholeseller lol only a week after signing up for BiggerPockets lol. 

[John Thedford]

A flip means you pay taxes on the flip as ordinary income. Rentals will give you tax advantages.