Most every tax break I get in my rental property business is what I would classify as an ordinary business expenses.

Also, if you are not cash, well, add more time, ( will not get any great deal) just tell you what you need to hear vs want Good luck  I have invested $20,000 from my credit card to get mentoring from an elite group of investors that use tactics and strategies far above the ordinary investor.

This was not some wild-and-crazy deal, just an ordinary sale.

We had $15k between us to our name at the time so I bought a $295k patio home with 5% down (with concessions toward closing costs) and drained our accounts.

But this is something peculiar to this year which is hardly an ordinary one.  

If you hold it until it’s been a year your gain on the property would be taxed at the capital gains rate instead of ordinary income.PS what’s the rent 550?

Flipping is a taxable event, and taxed at ordinary income rate.

In an apartment building, that would include a balcony, deck, patio, or terrace.

Such conversion need not comply with the requirements of the following specific provisions of this chapter: (a) Section 13-196-660 (height limits); however, in frame buildings, four or more levels of living space shall be prohibited and in buildings of ordinary construction, with or without attic living space, five or more levels shall be prohibited; (b) Section 13-196-050; however, all dwelling units must comply with the exit provisions of Chapter 13-160 except basement dwelling units may have a second exit through a room containing a heating plant; (c) Section 13-196-670 (stairwell enclosures); (d) Section 13-196-680 (corridor enclosures); (e) Section 13-196-690 (dwelling separations); (f) Section 13-196-710 (basement ceiling construction); however, if the basement contains a dwelling unit the entire basement ceiling construction is to be wood lath and plaster of half hour construction; (h) Section 13-196-720 (heating plants); however, basement apartments are to be separated from heating plants with partitions of one hour construction.

Then as I converted equity in to cash by selling some properties and having an above average w-2 income, I can offset my ordinary income with 401k contributions that will reduce my AGI.