Investing "flipping"

[-Tony- 0]

Doug:

 

Can you write the materials off as a deduction because you don't own the property? If anyone has this answer I am interested.

 

Craig

 

I do cause I will buy it. My CPA says it okay.

 

 

The way I am thinking about doing it is with a 1031 exchange and actualy pulling that cash out.

Ex...my option 103k; sell to myself for 150k, (I get a better interest rate because the 1031 will cover more than 20%down). I get my cash out, I write off everything, I have less capital gains in the end, and my contract will say sell will contribute 3% closing cost, (this reduces outta pocket expense...).