The instruments needed for the transaction will be state specific which means you should have someone from California chime in with resources who can provide low cost documents (as these will be boiler plate).

About the same as if you rent it, less costs.

Take your sales price, minus selling costs, minus any capex, minus purchase price and that’s your taxable gain.

I get it...I get emotional with properties and buy into the sunk cost fallacy too.

It is always valuable to be able to walk into a property an analyze cost to repair, it is a huge factor in determining the feasability.

Extra 4 months of carrying costs are up most of the margin.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

Hi @Damon Diddit I would avoid Newark at all costs. 

I have had investors pull equity from their homes in the phoenix area to buy cash flowing properties in Fayetteville and similar areas, because the price growth in the phoenix area generates amazing returns.It depends on if you want cashflow now or delayed gratification later.Keep in mind that when you do sell, there are costs to selling and depreciation recapture  and IRS taxes, which eat up most of your "equity" growth. 

If any costs go up, developer eats it.