Another mistake, I didn't subtract realtor costs when I calculated profit.

If it's a flip, I add 10% to the rehab costs and subtract 10% from the ARV.

Do not add, or subtract work, from your proposal requests or you may be unable to compare one to the other.

I just add the cost of my attorney to the closing costs or subtract her cost from my fee and that's that.

So if you made $5,727 in profit after all expenses you would then subtract your depreciation of $2,727 and only pay taxes on $3,000 (ie $5,727-$$2,727 = $3,000).

If you jsut bought it use the purchase value (unless you have an appraisal done then use the current appraisal), if you have fully rehabed and it has not sold yet you can estimate a conservative value (not asking price but your eventual sales price) and subtract out whenever liens are on the property and use that equity as an asset. 

He says he can't give me a price, occupancy, income or expenses until he gets his paperwork done and finishes his tax return.My suggestion for buying at a distance is to hire a nationwide property managing company that will be able to take care of your properties at a small percentage of your income, that will leave you with a good income for yourself after subtracting all expenses, with basically no work on your part. 

Then I subtract that from my estimated rent.

Than subtract remodeling, holding, and closing costs. as well as the profit you would hope to make and there you have a pretty good idea of what the current value of the property would be. as long as your numbers and return on investment are realistic.

Next you just subtract your half of rent from the income and see the results.Post your data and we can discuss it further.John