Next to me was a man with a broad smile that could not be contained.

The information contained in this post is not to be relied upon.

The information contained in this post is not to be relied upon.

I upgraded gaming and better linens for my customers What was the outcome?

He is wanting to get into flipping houses rather than doing residential projects for customers.

Tenants pay all utilities, renters insurance and repairs all other structuresResidential 3000sqft 4bed 3bath brick they evaluate at 450k one bedroom in non-conformative so really 3/3. upstairs and downstairs kitchen, definitely have potential for value add but seems well maintainedBuisness: RV and boat storage, monthly with long term tenants outside lots and multiple shop/storage sheds/shipping containers (2) outside shops wired with 220v another is wired 3phase with the rest unwired.Lots of fences and cameras mostly due to marijuana businessHas not had a break-in in 30 yrsIncome, as claimed by ownerscurrent income:main shop $2500/mo5 units $1750/moshipping containers $400/moowners use the house and multiple units for their stuff, additional potential income as claimed by them upon vacating:home $3000/mostorage rentals $7600Total possible income without improvements: approx $16,900They are both retired real estate folks

Also, if the property is a flip (held primarily for sale to customers in the ordinary course of business), there is no capital gains treatment at all profit is taxed as ordinary business income, and the installment sale method generally does not apply unless very specific exceptions are met.Remember:- Less than 1-year holding = short-term capital gain (ordinary income rates).- Payments over multiple years do not change the gain’s character.- Installment sale splits each payment into:- Interest (ordinary income)- Return of basis (non-taxable)- Gain portion (short-term in this case)- Depreciation recapture is recognized fully in the year of sale and taxed at ordinary rates.- Flip properties = no capital gains treatment, profits taxed as ordinary business income.This post does not create a CPA-Client relationship.

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I've also had a couple of bad reviews (contracting biz) from non- customers, 1 from Ghana, which would be a very long drive!

The information contained in this post is not to be relied upon.