But ya have to make some educated prognostications in life.Add this to the information your processing - What your talking about doing is eliminating around $4000 or interest expense (which is deductible anyway so really could be a real impact of eliminating $2800 or so) of debt in exchange for paying over $10K in capital gains tax (don't forget possible state gains tax as well).  

@James Thompson Transferring property from your in-laws to you can be done through a gift, sale, or trust transfer, each with different tax implications.

Raise fees on building permits, give tax credits on renovations.Suburban sprawl really hasn't been a good thing for the US.Of course, it's all about supply & demand.But, if you can figure out why more people want to live in Hazel Park (leading to teardowns & rebuilds) versus south Warren or Eastpointe (nothing happening) then you can make millions.

I'm not a tax expert, but I work with them.

Otherwise they would have sold, taken the tax free cash and moved on. 

I don't think our detroit land bank sale properties with tax liens I would have to look into that. 

The house has appraised for $335k, my hard money note is for $242k, and I'm looking at only about $15k out once closing costs, taxes, and insurance are accounted for.

That said, I live in Texas, and I have found that the property taxes and insurance are prohibitively high to make a short term rental work here.

The land is on two tax lots so my plan is to sell the extra lot immediately after closing for a projected $275K.The property on the other lot will be a fix and flip with projected costs of $240K and an ARV of $750K.I plan to use a PML of 2 points and 12% APY for 70% of the total cost.

@Mickael Castillo Are they current on the taxes?