I think Texas is a very tough buy and hold market because of escalating property tax's foundation issues and herd mentality of investors creating demand that would not be their organically.

I am very capable in excel, having manually and mentally run the numbers of multifamily units listed online I have found that none of them come close to meeting the 1% rule.

Occupant profile: two older ladies on SS, one with mental disability and another with cancer undergoing radiation treatment.

It seems as soon as I mentally made that decision deals and opportunities are falling into my lap.

We are now preparing to strategically grow our brokerage business, and we would like to approach the process with a "blank slate" in order to not bring in a "traditional brokerage" mentality.  

This is the W2 mentality: trade time for dollars.The entrepreneurial mentality is to trade dollars for time and hire the management out.

Just threw a higher number out there because I figure more is better ;) Great mentality!

I have always used Quickbooks as it is very versatile, but there are some other options out there as well.

So I'd say the seller(s) should consult with an attorney or accountant, but it's possible they may owe much less than 15% or nothing.Also as Account Closed said, seller financing is also often attractive to people who are concerned about taking a big tax hit in one year - instead it's "pay small amounts as you go, over time as you receive the money" and is great for a number of reasons (no or a favorable interest rate for you, no bank BS, build long-term relationships and credibility with future sellers, possibility to discount in future with a payoff offer, etc.).It's worth having in your mental toolbox even if you don't use it on this deal.

I came from a very financially poor childhood where nothing was ever handed to you, you had to work to get everything and I guess that I have never gotten away from that mentality.