Selling a rental within 1 month of purchase
We are getting ready to close on a fsbo that we got for 25,000+closing costs. We initially planned to rent it out, but could probably sell it for at least 50,000 as it is in a good area. If we closed and decided to list it without making improvements and never renting it what are the tax implications?
We bought this property on a whim because it was a great deal, but weren’t necessarily ready to prep a new rental yet which is why I am considering this option.
My plan would be to use the profit to pay part of our current two rentals off on our heloc then look for another rental when we’re ready.
Could you please share if you would/wouldn’t do this and why not? Thanks so much!