Some people use their IRA to fund fix and flip's and keep the profit in them tax free. 

As there are Californians still moving here, the vast majority are instead picking the states with low or no state income tax like Texas, Florida, or Tennessee.Although we still have a positive influx of people moving here, more people have been leaving due to rising housing costs in recent years.To put it in perspective, we saw around +45k in the 2010's.Overall, CO is basically a balanced net migration in recent years which is likely to keep home prices steady....

The IRS has a guide on rental income and deductions that might help: IRS Rental Property Tax Guide.2.

Did this go to auction or a tax sale?

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

Did you inherit this home with a step up in tax basis or will you need to pay taxes on any gains if you sell?

They also like the tax benefits associated with ownership.I've taken both approaches and have benefited from each.

If all goes well, my monthly payments could drop about $60 from a tax reassessment in about six months.

You have tax benefits through depreciation and you are gaining experience via property management.  

.💬 Ask in the right forum – If you’re looking for financial advice, head over to the Finance, Tax, and Legal forum.