Buying in a heavily regulated area like this can help your property value and attract better tenants...or it can devalue your property and scare away tenants.Personally, I like to err on the side of freedom and try to avoid heavily regulated markets.

Property Taxes for the house (based on the erroneous home size) are $4,280 this year. 1) In hopes of reducing the property taxes, Is it worth it to update the County's records to reflect the 218 sq ft smaller home size?

If you don't know the manufacturer you can flip a coin or err on the side of caution and caulk the seam. 

You could certainly make do with less, but I like to err on the side of caution in case anything starts getting dicey.

I guess the reason I erroneously assumed you were new was that you were struggling (perhaps the wrong word) trying to monetize this list. 

Please let me know if I made any erroneous assumptions or made any outright blunders:)The home I purchased has 4 bedrooms and 2500 square feet(it had gone through foreclosure) on approximately .22 acres.Purchase Price - $124,000Cash to Close - $4,340 (3.5%)Monthly Projected Rent - $1,350 to $1,450 (Figures obtained from a PM yesterday)I am using $1,350 for these calculations so: Yearly Gross Rent $16,200Yearly Property Taxes - $1,730.61 (do property taxes change when going from residential to being a rental?)

Either way, I err on the side of extreme caution where money is concerned so it's highly unlikely that I would do any financial transactions with people I didn't know or without doing thorough research first.

The tenant soon fell behind on the rent, but the landlord waited a long time before filing for eviction because 1) she was still collecting partial rent via S-8,  2) the tenant had initiated a series of S-8 violations and inspections, and 3) the landlord erroneously assumed the tenant would not risk being cut from the S-8 program and would "soon" catch up on her missed rent.But, that doesn't turn me off the program in general. 

There is a common erroneous belief that if a property is "really improved" it will sell for more than what similar homes have sold for.

Should not have vacancies plus placement but always err on the side of caution.