Hence, to reiterate the reason for adequate research before purchasing a property. 

But you have to purchase new investment property of at least as much as your net sale to avoid tax. 

Quote from @Armani Diaz: Hello, I just purchased a rental property duplex through wholesaler.

I have never purchased anything 'perfect' but all of my rentals could have been rented as they were upon purchasing them. 

Purchase price: $275,000 Cash invested: $275,000About this homeBeautiful 2 bedrooms 1 bathroom condo in the convenient location of Rowland Heights, close to bus stop, supermarket, schools, shopping centers etc. newer counter top in kitchen and bathroom. 2 parking spaces and storage room.

We also need to add in escrowed taxes and insurance to the new terms, as previously the buyers were responsible for paying them, but we’ve recently had to take that over.Context:Subject property is a mobile home on land in the state of FL that is owner occupied by the family who purchased it from our LLC.

Also, you are not going to be able to purchase a property subject to if you are dealing with a realtor. 

We’re fortunate to have an above-average income and live well below our means.This summer, we’ll be moving to Detroit (PCSing in August), and we’ve saved about $120,000 to invest in addition to having funds set aside for the home we’ll purchase in Detroit.The reason I’m posting is that I’m struggling to decide how to best allocate the $120k.

I imagine the only way it would be possible is to do the bulk purchase in cash, sell off a couple and then put debt on them?

@Ming Huang Based on the numbers you've shared, I would advise against the deal, unless you can negotiate the purchase price down and/or rent it for at least $1,150.