This project is $2.5M, with gross revenues well over 10%. 

That is a gross rent of $5,500 annually assuming one month of vacancy for turnover.

I won't proceed on a property if I don't believe I can hit a 10% gross yield.

Operating as short term rental by the bedroom, grossing $3500 - 5000/mo, between $500-1000 net.

There will likely be a partnership return required where you flipped a house with a partner and lost $120,000.If you sold the other property within the same partnership, it will also be reported on that partnership return.The net result to you is that you will receive a K-1 showing your income / loss which you then use to report on your individual return.If you made no money within the same year, you likely pay no additional taxes / get no additional refund.Best of luck.

If your goal is passive income, it's not going to be in New Jersey when you factor in cost to purchase, management costs, and rent to price ratio, but what you can get is steady appreciation.

What the gurus don't tell you is that they are comparing market rents to the GROSS amount of S8 rent on a voucher which INCLUDES LANDORD PAID UTILITIES!

And assets that provide you with great depreciation but not great income or stability are just a form of robbing from Peter to pay Paul.   

I started investing a little over a year ago and have earned almost $160k gross so far with 3 Padsplits.Next year if I do nothing, the 3 current properties should earn about $200k gross. 

STR income: $130K/year.