I operated a business that generates substantial income. I would like to invest some of this money by buying various, undervalued properties in my area, doing slight improvements to them, and reselling them at a future date through a separate, pass-through LLC.
If I do this, can I claim the property purchases as a business expense for that LLC and only pay taxes on the net profit? I am not looking to move into these homes or purchase them through my own name, only through that of the LLC.