Tax-wise, profits are taxed at your ordinary income rate, and frequent flips may subject you to self-employment tax if classified as a dealer by the IRS.

I literally saved you 5k with just that info.  

Also, I believe the tax benefits are horrible compared to the states, but I'm not too sure.

Many banks handling tax escrow accounts for mortgages have mistakenly thought there was one tax due twice/year or totally missed one of the taxes.Investors should research the SEV and the Non-Homestead property tax millage rates to project what the property taxes will be after adjustment.

AssetsAsk yourself: Do I want cash that depreciates with inflation and taxes, or do I want to build wealth?

Not only were tax shelters stripped of their tax deferral capabilities, but they were stripped of it RETROACTIVE, allowing the IRS to recalculate tax shelter investors income going back 7 years.  

If you spend time learning how to manage well, your income will increase, you'll save time, and you'll maintain your sanity with the courage to expand.

My net number is rental income minus expenses(3 mortgages, paying power bill at all three houses, property tax, insurance, internet in two properties).

That will show what proposed tax increase you will see.

if you have lived in the property for 2 out of the least 5 years you will not pay taxes on the gain, so if you want to sell make sure you do it soon enough to take advantage of that tax advantage.