ok oops i forgot to say how i purchase this property cash

I have several cash properties available now. Feel free to call my office to further discuss your question
832-800-5455.

You have several excellent answers here.

Real estate investing and "flipping" should not be entered into lightly.
MANY rules and regulations apply to the sale and exchange of investment properties. You will be subject to paying a capital gains tax of anywhere from 15%-23.8% on the gain depending on your income bracket. You can defer the payment of capital gains tax if you do a 1031 exchange when you sell the property. 1031 exchange rules have also been adjusted and will continue to change more before the end of this year (2013).

The Federal capital gains tax levels were recently elevated and the rules have been changed as of this year, and rules and regulations are still being adjusted through the end of this year.

Flipping your investment property is a complicated transaction, and one where you must know all the federal and state tax rules, and adhere to very strict time lines in order to avoid heavy tax burdens imposed on the gain, and against the sales price of the property being sold.

Below is a link to one blog on this topic. There is even more on this topic at the IRS website under 1031 exchanges.

http://www.atlas1031.com/blog/1031-exchange/bid/81463/1031-Exchange-and-2013-Capital-Gains-Tax-Rates

Please educate yourself well before selling.
I wish you much success.
vm

Your cash is your cash and unless it is cash from another investor in which you have conditions written in the promissory note, you should be good to sell.

I'm with Ron - I would definitely want more information on how the home was purchased and if it went through a title company.

Be advised of the Capital Gain tax.

Feel free to call or email me to provide more information.
I am a realtor and also own a real estate investment company,. I, too, work with investors across the city.

Let me know if I can help!
Darby Grimmett
936-827-9217
darby@darbygrimmett.com

My next thought was whether you went through a title company, purchased a FSBO or purchased at auction. Just making sure that it's yours to sell. I'm cautious that way. lol

Call me if you would like to discuss. I can run the comps for you and see where you are price-wise. My office number is (281) 404-7979, my cell is (713) 702-1397. I look forward to hearing from you.