If I was in financial distress and losing my home through foreclosure or tax delinquency, I would not want to deal with an enthusiastic newcomer trying to make money on my misfortune.

We have a property we very much want to buy where the low utility/property tax bills would allow us to be able to thrive living in with our limited income, so we are hoping to sell immediately.

Whether or not you'll be able to lower your current living expenses by househacking will depend on:- the type of property- property taxes - which are relatively low in BK compared to other counties- down payment- projected incomeThat said, househacking in NYC is totally doable and most first-time househackers find success in located small multifamily properties (2-4 units) preferably with some sort of additional income potential (i.e.

These products have no income, taxes, or personal liability limits tied to the loan.

Forced Apperception (BRRRR or buying at a discount) allows me to build in equity from the beginning of the investment in case I need to fire sale the property for an unforeseeable reason.Debt-Paydown and Tax-Benefits are just a result of owning real estate and can be more-or-less predicted over a time period.

then you're on the right track in understanding how hard it is.The second thing is that you can skip all the headaches of becoming a landlord and still get the cash flow, appreciation, and tax benefits by investing in passive real estate syndications.

Plus real estate is tax advantaged!

you could look for opportunities with reverse mortgages in default (backwards marketing) and tax defaulted property (the last group can be difficult to sift and sort due to large quantities).In the end, you’ll do much better focusing on solving problems that others cannot or are not willing to solve (hoarding, squatters, liquidity, defective title, skips, etc.).BTW, I started with working foreclosures (1978) and then deceased owner and title-impaired property about (35) years ago and have closed several thousand deals to date.  

I'm going with 2 sentences...Tax benefits are secondary to the value of the investment...The large percentage of wealth held in retirement accounts is particularly notable given the tax advantages these vehicles offer.

I owe approximately $2000 in property tax on that property.