But now that I'm working on my 2019 tax return and revisiting the cost basis I did for 2018, I feel like it was done incorrectly.

Would appreciate guidance from this group if I am doing anything incorrect here.Regards,Nick

unless you pay $1300/mo in prop taxes on your $65k property that rents for $900/month then I must be reading this incorrectly.

Well- filing your taxes incorrectly isn't really allowed. 

Also worried I might purchase the incorrect thing.A little background on which investments my family and I are th inking of are as follows:house hackingfirst time investingbuy and hold investmentsretiring with real estateThank you in advance for your time and help,John

@Joe KellyYour CPAs are incorrect.

So a 50% drop can make someone lose everything.TLDR - safer leverage with direct RE, non-callable, possibly non-recourse, along with tax benefits.I'm a newbie so let me know if this is incorrect

Is this just a bad deal or am I running the numbers incorrectly?

@Jasmine MooreI don’t know if the deal is great or not, but based on the limited amount of information provided, I have my suspicions.Many of us experienced investors, who have looked at, analyzed, rejected hundreds, sometimes thousands of deal offerings, know that inexperienced investors are often influenced by the wrong deal attribute, use incorrect analytical criteria, and place way too much emphasis on perceived potential.

@Chris MackinlayHad a basement leak three weeks after a tenant moved in and was out of pocket $5000 due to incorrect plumbing by previous owner.