Best way to purchase a second investment property

[DMB123]

Hi! I'm looking for some help and advice. I currently live with my partner and rent my own house out. But have enough money to purchase a second property outright. I'm not sure yet as to wether I would buy the run down property to update and flip or wether I would update and rent it out. I know rules and taxes have changed under the new government. The property I'm looking at is in the region of 230-240k at auction and in England. So at the moment I'm looking at around 11.5k stamp duty. Plus all the other tax implications on top of this. So what I'm asking is.

1. What is the best way in terms of tax/fees to purchase the property? Buy outright? Limited company? Personal (it has to be in my name) etc
2. What would be the best way to finance the property or the most tax efficient way to do this.
3. Is there anyway of avoiding the stamp duty or any of the other taxes (capital gains,corporation tax etc etc)
4. Financially would it be better to flip the property and sell or to rent it out after?
5. Can you offer any advice/or things to consider in all of this as a relatively new to property investing. Thank you in advance

Honestly don't buy property. You can't avoid the taxes so will have to pay SDLT and CGT on sale or tax on rental income. With the loss of s21, you won't be able to serve your tenants notice to quit as a matter of course and it will be time consuming and expensive to recover the property.

Building costs have shot up and it is hard to get people to do work so flipping is also really difficult unless you do all the work yourselves and are able to do so properly - poor DIY loses value.

Stock market investments are hugely outpacing property at the moment. I'd suggest putting investing your money and saving your time and energy.

agree with the other poster, I would avoid buying to rent like the plauge. would only consider renting my house as a holiday let at most i I moved in with my partner. Or even just leave it empty and just let in go up in value. Less hassle

Maybe don't, and let someone else have one property rather than you having two.

Well I've worked extremely hard to be in the position I'm in. And merely looking to use my building skills to my advantage to make money and the best way to do that for me is in property. That's how business works/retirement fund as being self employed I don't have a pension.

Thanks for the reply, yes I'm begining to agree with you. Seems the tax changes/section 21 etc has made it extremely difficult.

Thanks for your reply. Yes I did see it maybe better for tax purchases as a holiday let... so might look into that a little more. Thanks

Just invest in a pension and S&S ISAs, way less hassle. The numbers on additional properties are very hard to stack up unless you are buying cash, are a basic rate tax payer, can manage it yourself and have a network of very trustworthy tradespeople - the risk/reward balance for me just isn’t there

Start a pension, save the tax. Far more flexible, much better tax position. Much simpler.

Holiday lets are being scrapped

Honestly I would put the money into a pension if you do not have one rather than property.

Also auction guideline prices ( I think - never done it myself) tend to look attractive to get people bidding. But as at any auction you can stop when you have reached your limit.