Advice on buying a second property

[Mallowmarshmallow]

A house on our road is about to come on the market. It's outdated (all circa 70/80s), and my brother, a friend and I are considering buying it to do up and sell on. My brother and husband are in useful trends and have a lot of other contacts who could help out with the more expensive aspects that would need completing.

I haven't looked into anything in any depth, we are really in the very initial stages of considering this.

Is there anything we need to hear in mind? Neither my brother or I could afford to do it on our own but splitting the costs across our two families would make it doable for us.

[Mallowmarshmallow]

*bear in mind

[aaarrrggghhhh]

tax. tax. and then have another think about tax.

[Dungandbother]

www.knightfrank.co.uk/buy-to-let-stamp-duty-calculator

Stamp duty is high
Capital gains tax when you sell it
tax on the income if you rent it