Regarding storage:(k) Yards, patios, balconies, vestibules, hallways, and entrances may not be used to store belongings or to dry clothes.

From a tax perspective, here’s how I’d look at it:If you flip it right away, you’ll likely face short-term capital gains if held less than a year, taxed at your ordinary income rate, which can be pretty steep.

And doing a Roth conversion inside the Solo 401(k) works too—you’ll pay ordinary income taxes on the conversion, but then your investments in the Roth subaccount (like a real estate LP) can grow tax-free.

We are just lenders so its ordinary for us but my client has BIG UPS and this would be critical for him tax wise.

Income from a flip is not just ordinary income, it is ordinary income subject to self-employment income taxes as well.  

@Josh Ball @Andrew Street I thought of asking for photos (before and after) but if you have a 4 BR, 3.5 BA with 2 patios, 2-car garage, etc., isn't that a lot of photos every time (20+)?

Wholesaling is typically treated as ordinary income, so it’s taxed differently from rental income.

I work with a lot of folks who start where you are — they GC’d their own home and realize they could do it again for profit.Here's my 2 cents:Build-to-Sell: If you build and sell within a year or two, profits are taxed as ordinary income, not long-term capital gains. 

I went from TurboTax while on W2 with ordinary investments to a small biz CPA to now a CPA firm that can do small biz/REI and they're exceptional with their knowledge. 

Price per sqft is usually the last resort for estimating price because it doesn't take into account things outside the house like a covered patio or a pool.