I recommend that you look at Notice of Defaults, Vacants, Tax Liens or Probate. 

It's going to offer Strong economic growth, Appreciation (especially in DFW), Tax advantages (no state income tax), and a Growing population, including infrastructure and amenities. 

Am I setting myself up for a tax nightmare?

For several reasons (property taxes, politics), I would prefer to begin real estate investing somewhere other than locally. 

Payments $492 (interest, tax, insurance) currently owe $51K.

Hi Ricky,Being in operation for 10 years with mid seven figures of assets and NNN leases,it would be wise to speak with your tax advisor regarding if the tax set up should be an LLC, an S-Corp  or a C-Corp.It would also be wise to speak with an asset protection attorney to find out if this is something that might be beneficial to you in that area.

For IRAs and HSAs, a financial institution trustee is an integral part of what the Tax Code defines as an IRA or HSA.

Quote from @Samuel Hudson: Hello friends I am new the market and recently bought a home in Weehawken 6 months backs .Its a three family home and we are currently doing renovations Right now.The rent leveling board told me that two units would have to follow a rent of 1650 for unit 1 which has three bedrooms and another unknown amount for unit 2 which they don’t have the information for .The previous seller I purchased the property from bought it as a tax lien .He has kept the property vacant for two years with no tenants before selling it to me .However ,the previous Owner he bought it from must have had tenants .I am putting in a lot of money into renovations and want some clarity on the situation I am in .The property has been vacant for the two years and currently still is as we are doing renovation .It would be really appreciated if anyone can assist me on what information needs to be provided by from the previous seller for me to be able to set the rent based on the market value .Thank you . 

Rents may be high, but where are taxes and insurance.

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