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Some private lenders like the one I work with doesn't require appraisals on fix and flip/new construction loans and also doesn't require tax returns/W2s.

Many months of costly vacancy, local market rent & resale deteriation, special assessments, property taxes and maintanance fees suggest a quick sale would have been the wise thing to do 2 years ago.

@Tyler Speelman, A 1031 exchange solves the tax issue. 

If there aren't any massive physical problems with the property, it appears you can grow income and equity.You might be able to buy this with little cash out of pocket if the seller owns it free and clear and was willing to finance nearly all of it.  

Feel free to reach out with any questions you may have or if you would like to see some past work.

If you can rent it for $2,000/month, after fees, taxes, and potential maintenance costs, you’d still make a decent passive income.

@Rebecca GonaBigger Pockets is a great place to find a tax accountant that specializes in short-term rentals. 

Let's assume your expenses (mortgage, taxes, insurance, maintenance, vacancy, etc.) comes to a clean $600 and the property rents for $1,000.

. - Taxes are on the higher side at $6,000 yearMy Numbers: $115,000 putting 20% of my money $23,000 and finance the rest with total expense of $1,834Monthly expense numbers: Future Maintenance 13% $273 - Vacancy 5% $105 - Property Insurance 5% $105 - Property Taxes 23% $500 - Property management 10% $215 - Office/Travel/Legal 4% $84 - Mortgage 26% $552 - Monthly Cash Flow - $316 per month or $3,792 per year so Cash on Cash = 17%I think this looks like it is a deal worth doing and I also believe I can bump the total rent up by $50 each tenant which I think make it even better.