You’ll get a better return over the long-term by putting your money in the stock market.

There are also some benefits to leverage such as tax breaks that lowers the effective cost of borrowing the money.

And that can cost you time and money.

And must be pretty significant unreported income if it would have caused $45k in state tax liability.You advised your client to wait past the expiration of state statute.

Zero capital gain tax, next to zero income tax, property Tax is super small.  

This vary heavily town to town. 20% down is great if buying strictly as investment but if you have a way of owner occupying I would explore that route and apply the 20% down to increasing value of property and instead using low money down loan. 

@Malcolm Brown it is great that you are thinking of the money to fund the deals you are going to get started with but understanding what a deal is, I think, should be the starting point. 

At least weekly I think about the the fact that someone else is going to work to give me 1/3rd of their money.

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Enough immediate cashflow to balance out the mortgage, taxes and insurance.