Look into local tax incentives and financing options, and reach out to local real estate groups or mentors to better understand the market.Good luck!

You're giving up some good tax benefits since you're in the tier of taking itemized deductions.

You might consider: Consulting a Real Estate Attorney – Your emails may possibly prove misrepresentation.Requesting Public Records – A FOIA request might reveal why the city denied you but later approved the duplex.Escalating to City Officials – Bringing this to local officials could expose inconsistencies.Exploring Tax Write-Offs – A CPA might help offset your financial loss, if it is possible.I’d definitely seek legal advice.

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.

Mgt, Landscape/Snow, tax, insurance, utility then debt service. 

I mainly want to ask if these assumptions are reasonable and if there's anything I haven't considered:(1) multifamily units in NJ close to New York City, ~$1,000,000, 20% down payment, (2) Using the following assumptions: 4% appreciation rate, 6.5% interest rate and 5.0% refinance after 5 years, $10,000 yearly maintenance fee(3) ~$6,000 monthly rental and assume 3% increase yearly with 5% vacancy rate(4) Based on the above, the calculated IRR if selling at the 10th year is ~19% (considering tax benefits) and ~17% (without tax benefits).

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

Taxes/Insurance- depends a lot on where you are located.The homes themselves- POH or TOH? 

This will also allow you to avoid taxes on the sale.

@Brandon MorganAn LLC will not reduce your taxes.