There are many reasons we transitioned from NY to TN:Taxes: Tennessee's tax-friendly environment means we get to keep more of our hard-earned money.

Are they going to be able to buy your proudly done flip.3) If you misjudge the market, do you know when to dump it.4) Can you put a spreadsheet together on your purchase costs, carrying costs, rehab costs, closing costs, selling costs, tax costs, contractors that don't show and delay your project etc. etc. etc.5) Is the return worth the risk.

Besides lists from the tax assessor, how are you finding your deals?  

If you haven't aggregated properties in prior years, you must attach a statement to your tax return in the first year of aggregation, identifying the properties and explaining why they meet IRS guidelines.This post does not create a CPA-Client relationship.

Especially if your son could then try to sell his primwry with the ADU under the sec 121 tax exemption I wonder if he could sell you the land?

If all goes well, my monthly payments could drop about $60 from a tax reassessment in about six months.

You are right, when the inspector mentioned the possibility or prior water damage is when you should of had that basement inspected by a contractor/professional and not listen to your agent.Gregg is right, the sellers were aware of some of the damage which is why they gave you a 5K credit. 

They can really throw off your numbers if you are not familiar with a citys transfer tax, and fees.

Have you passed the tax assessment yet, or is this your first year of owning it?

. ;-)In Atlanta, for example, city/county liens are treated the way the credit bureaus do: They fall off after 7 years.