Minus mortgage (30 years fix around 5%), taxes, insurance, property management company, maintenance, and repairs, you will end up with a few hundred dollars positive cash flow while building an equity. 

I would pay much more in property taxes and might not get such great tenants (and that's for 2 properties).  

In the state of MD, if a property sits inside an LLC on its own and the buyer buys the membership of the LLC instead of buying the property directly, there is no recordation tax. 

someone built land over a tax deed I received through the state what are my options 

The owners moved away and stopped paying the taxes and I've been keeping an eye on it waiting for it to go up for tax sale in hopes of purchasing.

The taxes are $78/monthly and the insurance is $42/monthly.

Also, check with the local tax laws.

If you pull that money out, you may have to pay taxes on it and loose some of the value. 

@Jenny Gremillion  Can't hurt to run it by her to ascertain her comfort level.There's CPAs all over the country who are familiar with not only federal tax law, but state and local tax law outside of their geographical location.No need to limit yourself to where the property is located. 

@Shane H.I would atleast run comp sales In the neIghborhood Id look up the tax assessment and run some analysis on its condition compared to others in the area .