Annual Property Tax  Finally, the number you have been looking for... 

Peter would depend what your current liquidity and net worth is along with your annual income from your job/business/current investments etc.Different assets are cycling at different points in time in different states.2009 was mainly coming off the bottom for the lower priced SFR assets. 

I decided to stick with the one that I had and paid the annual fee (rather than monthly fee). 

So, in your situation $12,000 annual rent divided by .20 is $60,000.

Annual additional expenses run about $1000 per year, to include insurance, maintenance, etc.

Ours involve creation of notes, and then forgiving them over several years, to take advantage of the annual limits on gifting.As to the mortgage, you cannot just take his name off the mortgage.

I own the house I live in now that is worth about 500k and work full time at around 70k annually. 

Nevada ranked 3rd in Atlas Van Lines annual migration report in terms of most popular states to move into.

Down payment would have been about 8k, annual taxes in Albany, NY for this property are 6200 (with star credit) and then closing costs were approximately 3% (6210) of the loan amount so in this case all cost would have come to 20k which we do not have at this time.

And I am dealing with educated professionals in the 250K range for annual income.