why would a tax bill wipe out your equity at 60% loan to value?

If you lived in the property you can sell it to capture the equity without paying taxes on those gains.

For the LLC, talk to an attorney and your tax person.

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

Details on the duplex:Price: $385kBuilt: 2012Size: 2674 sq ft (1333 each side). 2 story, 3B/2.5B each side w/ 1 car garage & driveway for both, fenced backyard both sides.Interest: 5.49%PITI: $2,698Current Rent: $1,350 but could be brought up to ~$1,600, maybe $1,700Yearly Property Tax: $8,340 (I don't pay any on my side while I live there so $4,170)Upgrades: Vinyl floor in kitchen of both units, new AC (central HVAC) on vacant unit, roof done 2016. 

Lien, State Tax Lien, Fed Tax Lien.

Start small with one property, choose a strategic location, stay transparent with lenders, and ensure tax compliance.

They are farily easy and do nto require much to get started and the Max LTV is going to be 75% but I have seen some exceptions to 80%.Rates are subject to a few thing like loan amount, property type, number of units, credit score and downpayment.DSCR allows you to purchase with No employment and No tax returns so its a little easier. 

I am looking to purchase this investment duplex property which was built prior to 1940.

So, essentially the money from the ultimate buyer can NOT be used by the intermediate buyer to close on their purchase since that would be using money from a purchase that can not occur until the prior purchase has been completed.