Any tips are welcome.

Also, how does one assess whether or not one can turn a profit after paying principal/interest, insurance, and taxes each month?

After closing, when the property taxes were due I never received any bill.

Welcome to the community and be ready for a huge amount of information at your finger tips.

If you provide any kind of substantial services like catering, car service, etc you will change you tax situation and no longer can file under Schedule E.

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).

If my target would be low income residents, are there any grants, tax credits, or funds available to help me with the conversion? 

The tax advantages of buying/holding gas stations are pretty great.Many of the components of gas stations including pumps, tanks, external parking areas, and other equipment are classified as either 5 or 15 year property so you can bonus depreciate a lot of it (minus the land value) and get significant deductions in year 1.With the 2025 bonus depreciation rate at 40%, a $1 million gas station acquisition could still lead to $100K+ in year 1 deductions depending on the specifics of your deal.

The 1031 exchange will indefinitely defer all tax on profit and all depreciation recapture.

Which increases paperwork & costs for little benefit - if any.4) You'll need an entity in the US.You need to discuss all this with a qualified tax professional or attorney.- For our clients, we provide consultations with a tax attorney that handles over 300 foreigners legal & tax needs.