I’m sure you won’t be verbally assaulted about how greedy you are Basically they were gifted $60-$120k tax free. 

Don’t forget to pay your state of OH income tax, even on the formerly tax free money you are transferring out of NV in to a state with income tax. :-). 

For instance, Berea is a charming college town, but the combination of local taxes and less favorable price-to-rent ratios makes it less appealing for investment compared to other areas in the state.Agree here! 

Some thoughts to consider:If you sell now, you are unlikely to pay capital gains taxes as your first 250k (500k if married and filling jointly) aren't reported.Doing your first rental remotely is undesirable without 1.)

I haven’t made any profit yet and I’m wondering if I should still file taxes for my “business “. 

Either way, with rent and price appreciation, tax benefits, holding long term is a net worth exploder.

You mentioned gross rents of $3400 per month and Principle/Interest/Tax/Insurance of $2500 per month. 

(d) retained earnings from depreciation use to lower tax burden. 

Many banks handling tax escrow accounts for mortgages have mistakenly thought there was one tax due twice/year or totally missed one of the taxes.Investors should research the SEV and the Non-Homestead property tax millage rates to project what the property taxes will be after adjustment.

House needs some Interior Cosmetic Work, Wood Fence Repairs and some Plumbing Work.I want to turn and run, but I recently heard where there is a Problem, there is Opportunity.I thought this might be an interesting Case Study.Thanks for the Ideas.If they owe $180k on a $210k property and its a year+ behind then they probably owe taxes and other bills as well.