If you need financial help, ask under the "Finance, Tax, and Legal" forum.

If you can rent it for enough to cover the principal, interest, taxes and insurance and still put money in your pocket, plus cash flow on the property you're purchasing, that would be ideal.

Are there any fees/taxes associated with AL licenses?

Some thoughts to consider:If you sell now, you are unlikely to pay capital gains taxes as your first 250k (500k if married and filling jointly) aren't reported.Doing your first rental remotely is undesirable without 1.)

They owe over $6,000. 

Hey @Nevin Wilkie. have you looked on the city or county's tax records to find the mailing address for the owner when it's different than the address of the property you want to buy?

You mentioned gross rents of $3400 per month and Principle/Interest/Tax/Insurance of $2500 per month. 

Of course to maximize your tax benefit it needs to be sustainable over time. 

The data they pull from the tax records on how much a home last sold for, often not updated, or completely wrong.

If you need financial help, ask under the "Finance, Tax, and Legal" forum.