Under a new law passed this year those who rehab properties including flippers may need to register with the TRCC. This will give the buyers rights to come after the flipper based on the repairs (improper repairs or unprofessional repairs etc.) completed on the property.
Only if you make improvements that affect the sf of the house worth $10,000 or more. It does not affect the usual rehab.
The $10,000 amount is correct but I didn’t see where only if it affects square footage. The State agency where you would need to register and pay a fee and complete continuing education is:
http://www.trcc.state.tx.us
This site is a summary of the changes:
http://www.trcc.state.tx.us/policy/compliance_advisory_08242007.asp
It was covered in details in our REIA group and an article was posted about it as well.
http://www.sareia.com/newsletters/September07Newsletter_web.pdf