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

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?

For tax purposes, rental income is generally recognized in the year you receive it, not when it is paid.

House needs some Interior Cosmetic Work, Wood Fence Repairs and some Plumbing Work.I want to turn and run, but I recently heard where there is a Problem, there is Opportunity.I thought this might be an interesting Case Study.Thanks for the Ideas.If they owe $180k on a $210k property and its a year+ behind then they probably owe taxes and other bills as well.

Aloha @Daniel Kam - most of Kakaako has a 180 day rental minimum, so if you haven't checked with your building association, I recommend you verify what the minimum rental period is for your building.If you are allowed to rent for less than 180 days, you will then need to apply for a GET license, and well as TAT/OTAT and pay the appropriate taxes on a regular basis.  

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

You can always use a software like Turbo-Tax and follow the prompts.

No matter the number of units, there is one roof, one property tax bill, one sewer line, one gardener bill, etc. 3.

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

Low barrier to entry, low taxes, landlord friendly, some amazing class A and B suburbs and a strong urban core.