I want to flip homes, I am the contractor/investor. what is the approx % in carrying/sales tax in a flip?

Also,…. what process is it best to buy in the foreclosure state and what is best: probate, tax liens,auction properties etc. live in northern california.

How do I report a house flip on my taxes?

I bought a house at auction this year. I am working on it now. I plan on selling it in 2010. How do I report this on my taxes? Can I deduct my expenses so far?
Schedule E? Schedule D? Does anybody know how I should report this?

Foreclosure Investing And Fix And Flip Real Estate–How To Make It Work

Real estate investing has always been a popular way to earn money in the United States, and so it continues today.  You might be considering getting started in foreclosure investing, but you will need to understand what is involved very thoroughly in order to have the best chance of meeting with success with foreclosure investing.
An [...]