Low income neighborhood; save on taxes How did you find this deal and how did you negotiate it?

Time you spend matter (successful wholesalers who want to save money on DM engage in Cold Calling.

The biggest ways IMO are MLS data, multiple solutions for sellers (off market cash deal or listing), ability to rep. yourself on your own deals (saving on commission).Commission savings adds up fast when you're doing multiple deals a year.That being said, there is cost to having a license so if you're only doing a couple deals a year then it might not make as much sense.

@Greg Hammond not paying capital gains is enticing for sure, but you’re only saving $40k.

Outside of real estate, I enjoy snowboarding, rock climbing, surfing, and recently obtained my private pilot certificate.Excited to learn and connect with you all!

Now, if for whatever reason this was a fair allocation, and the 5-yr property indeed lost 90% of its value while in our hands - then the impressive tax savings they boasted about would be valid as well. 

You can purchase the first one with a private loan from your dad or cash to minimize risk, and leverage a second or third property with a bank loan and the rest of your cash.

He can walk you through various tax savings scenariosGino

Of course, there is very literally entities out there who make there living via filling frivolous lawsuits than offering settlements at cost savings vs one fighting to prove innocence, and they target those "marks" based on such searches.     

Use that savings to move your family to a much more affordable situation.