Preforeclosure owner finance wrap, paid off the default payments and taxes with cash and assumed the owners loan.

Attractive Tax Environment for InvestorsGermany offers favorable tax policies for property investors.

This appears to be a 'transfer tax' instead of an income tax. 

It's the concept of buying the debt attached to the mortgage rather than buying the house. 

Said it was one of his tax clients & would not give me their name.

(gross rents $4900; 8% PM; mortgage+insur+taxes = $3600/mo).

Analyze properties by looking at gross rental income, operating expenses, and the debt service coverage ratio (DSCR above 1.25 for rentals).

@Cole Starin What type of take out financing did you line up to payoff the private money and get into long term perm debt? 

On the other hand, if you're aiming for long-term rental properties, getting prequalified with a lender specializing in traditional loans or DSCR (Debt Service Coverage Ratio) loans is key.

My mistake for not inspecting the property beforehand. Paid 12800.based on google mapsThe property is a mess. Need to clean the junk out of house .. hoarder . Bathroom and kitchen need redone. Large tree in back is de...