That way you would not have the massive capital gains.I typically use attorney Scott (didn't want to post his name) here in Myrtle Beach, but we can use whoever if you are interested.

The media and news were promoting the broken economy, massive job losses, and a collapsed stock market, but I knew that I was ready to start my pursuit into real estate.

Flipping houses requires a massive amount of knowledge people need at the tip of their fingers to be successful and flipping is not something someone with little to zero experience should start with.To be successful flipping houses you need to get properties for about 40% less than their After Repair Value and if you can find properties with those types of discounts you will probably do better to stick with wholesaling for a while and rub elbows with the investors you sell the flips to.I've been in the construction business more than 55 years, built several hundred homes, remodeled more than 500 apartment units and homes and even I have a super difficult time finding properties with prices that make sense to flip. 

The inputs for the image in this screenshot are as follows:500k purchase price duplex.Rent each side for 2k/month (this is after you move out)5% down paymentClosing costs: 7k6.4% interest rateInsurance: $250/monthUtilities (paid by owner): $400/monthVacancy budgeting: 5% of monthly rentMaintenance budgeting: 8% of monthly rentCapEx budgeting: 7% of monthly rentEven though you are negative $312/month after budgeting for future expenses your net worth ROI is massively positive.

I can't go back in time and make better decisions but I can massively improve my situation as soon as 2 years from now.

The learning curve for each area (RE development, GC'ing, residential construction in Philadelphia specifically) was massive.

NY's biggest issue will be "what the hell do we do with all these massive commercials spaces that are empty?!??!" 

Taking legal steps just costs me even more - attorney fees, more holding costs etc.I was also thinking of just going through with the rehab without the permit, but I do have a feeling that de-values the property massively.

Someone reads Rich dad or hits a seminar and suddenly the word "Massive Action" gets thrown around like its going to make a deal appear.I appreciate your input and candor, thanks for sharing!

Great Warren Buffet quote, btw.