. $500,000 was tax free due to being married.  

You have the mortgage, taxes, insurance, maintenance, capital expenditures (roof, flooring, etc.), and also need to consider the cost of vacancies or bad tenants.I also recommend you charge market rate, for yourself and the tenant.

Purchase price: $2,800,000 Cash invested: $560,000 The property is a three-story multi-family residential building with six independent units, initially facing significant challenges due to poor conditions.Renovation Investment Summary:- **Structural Repairs:** $250,000- **Kitchen Modernization:** $100,000- **Bathroom Updates:** $50,000- **Exterior Improvements:** $100,000- **Holding Costs:** $50,000- **Property Taxes:** $30,000- **Insurance Costs:** $10,000- **Management Services:** $10,000

A six-figure gift will likely have income tax implications.

@Nicholas Haubner Contact Montvale's tax assessor and building department to see it is currently classified. 

Remember, they can always refer themselves😊Now, make it a goal to call at least 5-10 of these people EVERY day and ask a MAX OF THREE off the list below of who they know that:Just inherited a homeHad a loved one pass awayIs behind on their mortgage or tax paymentsHas a relative that can’t take care of their house anymoreHas a house they’re having trouble sellingIs facing bankruptcyKnows a probate attorneyKnows a bankruptcy attorneyetcWhy only three off the list per contact?

Some more options for investors facing similar problems with Beattie, Blacktip, or other builders:1) Contact a real estate attorney to advise you on your options.2) File a complaint with the Florida Department of Business and Professional Regulation (DBPR) (more info: https://www2.myfloridalicense.com/file-a-complaint/)3) File a complaint with the Attorney General for the State of Florida (more info: https://www.myfloridalegal.com/how-to-contact-us/file-a-complaint)4) For filing a small claim (under $8,000) in Lee County Civil Court (more info: https://www.leeclerk.org/departments/courts/small-claims)5) Contact WINK News with your story.

Texas is very landlord-friendly and also does not have income taxes. 

What an investor gives up though is tax bene's and the chance ( well at least proforma wise) that you bought at X cap rate and can sell at Y cap rate and there is a big profit that is added on to your returns. 

This type of investment can also offer great tax deduction, depending on your situation.Best of luck on your first deal, feel free to connect with more questions.