So your "Gross income net of mortgage" is $550/month which is 26.4% gross income over your $25k investment. so you can clearly see there's a benefit in leverage, NOT to mention you also get tax advantage because you get to reduce your income by interest expense so in the first year you are probably reducing your taxable income by $5000 or so...

$80k gross revenue or net taxable income? 

What you can get is the taxable amount for your or other properties. 

@Jaysen Medhurst If you are a buy and hold investor the potential of 15% reduction in the deferral and the 100% non taxability of any appreciation after 10 years allows you to sell the property and have no tax.

The result is taxable income + penalties.With that said - there are great opportunities to use retirement accounts to grow in value and allow you to be involved in real estate.

If this is the case generally you would report your flip activity on Schedule C of your 1040 and any net taxable income from the flips would be subject to self-employment taxes on Schedule SE.Encourage you to work with a tax CPA/EA this upcoming year if you aren't comfortable DIY.

I’m looking to reduce my taxable income this tax year.

For specified service businesses (consultants), you only qualify if taxable income is under 315k for couples and 157k for others.  

@Frank GrecoWhile Florida does not have a state income tax; New Jersey(which I assume is where you live) does have an income tax.As a NJ resident; you are required to report worldwide income which would include the income from rentals located in FL.Having an FL LLC or a NJ LLC that registers in Florida will not change the above scenario.The good thing is that rentals often report a tax loss as a result of depreciation; but this is something to consider when you run out of depreciation and mortgage interest which may put you in the taxable income territory.

The city looks at mobile home parks from a taxable basis, in other words. . . . what does the city get from the park in return for the resources laid out.