Even if not immediately then your son would owe it when he sells, so no advantage to this strategy. 

Hey Savannah, only KC market at this time.

From this CT information, it looks like it is an offset against your capital gains from other property, so you would have to find investors with significant capital gains and/or have them yourself. 

How far off the mark am I on this one?

Deduct NEW property taxes after you buyDeduct home insurance costsDeduct maintenance percentage, typically 10%Deduct vacancy+tenant nonperformance percentage(we recommend 5% for Class A, 10% Class B, 20% Class C, good luck with Class D)Deduct whatever dollar/percentage of cashflow you wantNow, what you have left over is the amount for debt service.Enter it into a mortgage calculator, with current interest rate for an investment property, to determine your maximum mortgage amount.Divide the mortgage amount by either 75% or 80%, depending on the required down payment percentage - this is your tentative price to offer.If the property needs repairs, you'll want to deduct 110%-120% of the estimated repairs from this amount.Be sure to also research the ARV and make sure it's 10-20% higher than your tentative purchase price.As long as the ARV checks out, this is the purchase price to offer.It is probably significantly below the asking price.

Please reach out for details or follow us on social media, we post the events there as well as meetup .  

As I said, math and numbers aren't my strength, but I'm a dedicated student when I put my mind to something, and I know how to read and use a calculator :)Thanks for reading!

The fact its in a landbank tells me that it was taken back for some reason, which tells me its likely not a high commercial demand for development, but I could be wrong.If it is "on the main drag" in this town then I'd think doing a new build home to do a targeted and intentional air bnb would be the best bet. 

However as you correctly point out this is far more risky and or its risk capital compared to buying a income property.. but the reward can be strati-spherically higher .. not just a little bit but it can be life changing profits on some of these deals.

I can share more details about the meetup with you if interested.