Network with local investors, undertake extensive due diligence, and develop a clear exit strategy.

Have you never filed taxes before?

If you can get a better deal on the home due to age its a fine and if you need financing banks do not judge year built. 

Take ownership of your mistake and learn to do the proper due diligence recommended above😊

Remember, they can always refer themselves😊Now, make it a goal to call at least 5-10 of these people EVERY day and ask a MAX OF THREE off the list below of who they know that:Just inherited a homeHad a loved one pass awayIs behind on their mortgage or tax paymentsHas a relative that can’t take care of their house anymoreHas a house they’re having trouble sellingIs facing bankruptcyKnows a probate attorneyKnows a bankruptcy attorneyetcWhy only three off the list per contact?

If its a volunteer fire company you may be able to donate the house to them for the purpose of training and get a tax deduction .

Would the federal tax liability be $140k at year 5 for the sale, with long term capital gains (ignoring any Net Investment Income Tax)?

I prioritize appreciation, tax benefits (rental property expenses, depreciation), ability to use leverage, and passing on generational wealth with real estate. 

If your goal is cash flow, then your best bet may be to live in it for 2 years, and then take that tax free gain (250k single person, 500k married) and buy elsewhere. 

That’s $30k in taxes.