There is no current tax on rental income and capital gains.

STR income: $130K/year.

If your goal is passive income, it's not going to be in New Jersey when you factor in cost to purchase, management costs, and rent to price ratio, but what you can get is steady appreciation.

Well, STR can work well for people who own a vacation house for personal use, and just want to generate some extra income when not in use.  

There will likely be a partnership return required where you flipped a house with a partner and lost $120,000.If you sold the other property within the same partnership, it will also be reported on that partnership return.The net result to you is that you will receive a K-1 showing your income / loss which you then use to report on your individual return.If you made no money within the same year, you likely pay no additional taxes / get no additional refund.Best of luck.

Hi everyone! I am looking at purchasing a vacation rental in Costa Rica and I have a couple of questions in regards to that.  Firstly, does anyone have an international lender that they would recommend?  Secondly, doe...

Quote from @Leo Gregoire: I'm assuming you werent taking 15% of gross off the top for cap ex, vacancy, and maintenance? 

I average about $2000 a month in cashflow on the current rental property, and the new property would bring in around $3500 in gross revenue.

Median incomes are an insane gap from cost of household/properties.

And assets that provide you with great depreciation but not great income or stability are just a form of robbing from Peter to pay Paul.