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

It was only after this period ended that I discovered the problem when I encountered difficulties obtaining home insurance.

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

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.

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.

Please let me know the financial implications. 

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

Any guidance is appreciated and I know it's not tax nor financial advice, just your thoughts.

However, it's important to be cautious, as sheriff sales can be risky for inexperienced individuals and may lead to significant financial losses.3 - Referring to point 2.4 - I can provide you with some recommendations for CPAs who are based in Ohio.

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.