Also, you will have additional occupancy tax depending whether you are in the city limits or not.

@William TaylorMichigan has some of the most complicated property taxes in the USA.

And it can work really well for you as long as you pay attention to the statute requirements.In order to defer all tax you are selling investment real estate and buying investment real estate of at least the same value you sold. 

I truly think I only need 4 more houses to hit my goal and then shift from buying to paying them off.I am not sure if I am thinking about this the right way and I am sure there are things I am not thinking about but below are my thoughts:Pros - I can purchase the houses I need to hit my goal faster - With getting homes fasters the depreciation, tax benefits, amortization, appreciation, rent increases all start sooner - Home prices on average should be lower now then if I buy in 4-5 years - I can take better advantage of leverageCons - I have more risk until I pay the properties off - Less upfront cashflow - Longer timeframe to acquire the properties to reach my goalIf anyone has any opinions or advice I'd love to hear it.

although we bought about 6 years ago or so for 270 put 100k into it so you can do the math  no debt .. hoa 400  we pay utls. 200 or so.. so 600 a month out of the 3500.. tax's about 1500 a year ( got to love Vegas taxs ) value today right at 600k.. so lets say we net about 33k a year on 370k cash .. so not bad little under 10% COC with an outstanding tenant one of the best I have ever had.PS given tenant quality we manage ourselves.. 

If you aren't familiar with Baltimore, I would suggest it's a hard no and say that you are trying too hard to make cash flow happen talking Baltimore and tax liens and auctions.

There are also tax implications.

Thanks again for your input, and I'll probably reach out as I get further along in the process.Hi @Edward Zachary Samperio, the regulations aren't that difficult and I'd be happy to give you a quick rundown about the density limits, hotel occupancy taxes, permitting, etc.

In California there is $800 franchise tax per LLC per year, which discourages a lot of RE investors from getting an LLC.

If you need financial help, ask under the "Finance, Tax, and Legal" forum.