The condo mapping process is very similar, and the risk is that the auditor could take the position that the taxpayer intent was to hold for sale and not for investment purposes. 

I looked on the auditors site and the guy bought it for $10,500 Dec 30.

The property is listed at $549,900 and it has been on the market for 1,176 days--it is also a foreclosure.The assessed value from the auditor's site is $290,000.Why the BIG discrepancy?

Check auditor site and see if they have a registered rentals section for the neighborhoods.Check zillow.com and rentometer.com to get an idea of current listed/rented rentals and prices in neighborhood as well.

If you do a little investigating on google searching for "Queens NY Auditor," you should be able to find what you are looking for.

If the sale is rescinded or not ratified for any reason, including post sale lender audit, or the Substitute Trustees are unable to convey insurable title or a resale is to take place for any reason, the purchaser(s) sole remedy in law or equity shall be limited to the refund of the aforementioned deposit.

There are so many variable to answer that question. as Colton S. said, best way to get an accurate answer would be to talk to a CPA about YOUR specific situation.Some things will vary by state, the entity that you used to purchase the property, if you could be considered a RE professional etc...Here are some things that COULD POTENTIALLY be deducted (again, talk to a CPA):Car millageRenovations (again, not all things)professional fees (i.e. for realtors associations)permitshome officeinspection feesThe challenge is that you can claim anything you want but at the end of the day you will have to face that IRS auditor and explain why a $3000 watch is a valid RE expense and when he doesn't buy it face the consequences...This is why it's better to consult a CPA ahead of time to get your tax planning optimized.

I see on the auditor's website the property taxes are pain in full - does the bank pay them to keep them current?  

You should be able to look up the taxes on the county website or auditor's office where the properties are located, but this seems low too unless taxes are low.

I checked the County Auditor and found the Grade to be C+ and Condition to be A.