From the now, much lower, valuation, you have a path to recouping your capital over the next 5-7 years, but this is a disaster.

A good tax accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant who specializes in business taxation, financial planning and tax planning.I would also recommend looking for a accountant willing to work with you throughout the year.

It will also be dependent on the previous year's financials as well.

That said I like to be able to run year end reports with an estimation of tax liability so I can provide financial statement information to investors/etc.

My question is that due to numerous unfortunate circumstances, two properties that my partner and I purchased (through a program) were underscoped, and we cannot move forward financially.

@Joseph M. prices have certainly gone up with the rest of the country through this great recovery since the financial crisis.

@Sakib KhanRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I think it would be financial suicide to give up a 500k a year job that you know how to do and is secure to launch into thinking your going to replace it with rental income.. unless your sitting on 5 mil plus in  cash with no debt.

I negotiated a 6 month deal financial investment with a 20% return.

Fast forward to today and I am financially free with in Painesville, Ohio a 27 unit, 24 unit, 21 unit, 20 unit 15 unit, 12 unit, 8 unit, and 6 unit.