If there are excess funds after paying the local/school real estate tax bill, the remainder can go to:Current real estate taxesCurrent Muncipal liens for water/sewer or any other bill initiated by the municipalityState Liens, usually for outstanding state taxes, sometimes employee/employer taxesPA State Inheritance Tax which applies to all deceased owners and starts at dollar one with no exemptions, unlike the Federal Estate Tax. 

Or is there going to be understanding for digging deeper when the initial screening process produces these apparent inconsistencies?

I just recently read, after my initial post, that meals with clients are 50% deductible if not "lavish" in price. 

The bill proposal is in its early stages so I won't pretend to have all the answers, and I agree that subsidized housing initiatives need some work. 

Im happy to answer any questions you may have from an initial strategic stand point. 

I think you'll find it's easier than you're initially thinking.

This negative equity position will consume the initial cash flow. 

The downside will be I will not be able to pull initial investment out for five years and my IRA deposit will not lower my AGI (if I am over income limits).Any additional input?

My initial thoughts, which are definitely open to change, are to buy a quad that I can flip into something around 20+ units with some investors and build off that with a goal of at least 60 units trying to cashflow around $6K per month.

However, we do have the flexibility to rent it out.Our goal is to refinance the property, as we initially purchased it with an interest-only mortgage, and get it rent-ready.