Next, I’d review insurance immediately.

There are three ways to mitigate the taxes on flipping homes1) Expensive the overhead costs of running a flipping business2) Reducing taxable income of a small business through retirement account plans, Health Insurance payments, etc3) Entity classification - have a discussion if a Corporate entity will be helpful to you to mitigate self-employment taxes.Best of luck!

There are SOOO many small errors that can be made or unique situations that can affect the title that title insurers often will not insure the property for at least 1 year after the sale is complete. 4.

.✅ Low operating costs: Good indicators of a pro-business climate include:Property taxes: State Property Tax Rates - Rocket Mortgage.State average insurance cost: Insurance - ValuePenguinState income taxes: Tax Foundation✅ Low risk of a natural disaster: The cost of homeowners insurance is the best indicator of the likelihood of a natural disaster in an area.

Is LLC an interested party on the insurance?

For now, since you’re house hacking, just make sure you’re tracking rental income and expenses for the rented portion, including mortgage interest, taxes, insurance, and utilities.Following this approach will give you time to build cash, understand rehab costs, structure financing properly, and keep your taxes optimized.

Tighter lending, higher insurance, and thinner margins are making patience a strategy.A lot of investors are realizing that immediately repeating the cycle — without reassessing numbers — can compound mistakes fast.

Closing “with a real estate attorney” is a necessity for almost all real estate transactions - it does not insure that the participants acted either legally or acted in compliance with contracts.   

I used the Umbrella insurance approach.

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).