We charge around 18% for our services, and that is off of the gross revenue.

For example, since property is currently rented out for $1000.If you are able to rent it out for $2000, and you take 20% of the gross income, that would mean $400 for you and $1600 for your family member.

A hidden expense that is impacted by capital gains is Medicare payments, if you are close to 65 or older consider the below:The monthly amount you pay for Medicare Part B and D is based on your Modified Adjusted Gross Income (MAGI) from 2 years prior.

I want to pay back that LoC cause I’m getting smash with the interest at 8.5 percent killing me.10% net or gross ? 

The singlewides would be roughly 1000/month gross rent each ($4000 total).

Under IRC Sec 61, Congress intends to tax all gains or undeniable accessions to wealth, clearly realized, over which taxpayers have complete dominion.Treas Reg Sec 1.61-1(a) provides that gross income includes income realized in any form, whether in money, property, or services.

What is the average gross revenues for other condos in the development/ location? 

I have a 2023 income statement for a 3 BR where the unit grossed about $255k and owner netted about $104k.  

There are many other things to consider besides income taxes including but not limited to: estate taxes, probate, liability protection, incapacity issues, witholding taxes on gross rental income/witholding taxes on sale of foreign property (known as Foreign Investment in Real Property Tax Act (FIRPTA)) and the list goes on.  

We each have W2 incomes and gross around $500,000 - $600,000 per year.