I have an opportunity to purchase a mixed use property that seller is open to using partial seller finance.

If your current accountant is not a specialist in real estate taxation, you should look for one who is.Next time, you should also get a consultation to see if the cost segregation study will be helpful before proceeding with the purchase.

I found it very unlikely that the government would not want to get their piece of the pie, especially if they had purchased a new primary home.Donyou have a Tax Code or Publication Number you can share so I can study up and understand your thought process more in depth?

Hello Dana, For that purchase price in Brooklyn, NY, you could be looking at considerable unknown expenses at this point.If the property is occupied, you'll have to factor in attorney fees and holding costs while you wait to gain access to the property.Furthermore, you could be facing additional costs related to title issues: open permits, violations, liens, judgements, etc.

However, achieving success in this space requires more than purchasing property—it takes strategy.

It's a good idea to connect with a realtor in the area where you would like to purchase.

Hello Sharad, I would suggest that you consider what you get for the price range which you are purchasing and visit a few neighborhoods to determine your preferences.

Purchase price: $2,500 Cash invested: $5,000 Single family House (2 stories), 3 bedrooms, 1 bath. 1100 sq ft. on Corner LotSingle car garage with 16' x 24' lean too.

The tax is based on selling price minus purchased price.

Send a document once and ensure it includes a deadline for their response and a consequence for failing to respond.