I went to the county assesor and found out the taxes are current and no back taxes are owed.

.- Tax Benefits: building deprecation, cost segregation, write offs etc..- Principal debt paydown: tenant paying off your loan.- Cash flow.Once the above are all added up, your true Rate Return will by far exceed your returns with stocks.Now regarding the different type of real estate, that depends on a lot of factors and mostly on your financial goals and where are you in life today.

We appreciate any insights, tips, or resources that this community can offer.Thank you, and we look forward to connecting with many of you!

As a Canadian, I need the help of experts who can help me understand lending, legal, and tax strategies and implications.

@Tony HerlambangI recommend people talk with a lawyer to setup and LLC because it deals with liability rather than taxes. 

They owe back taxes(3500) and I'm sure they do not have the funds to make repairs.

Hello all, we are very green in understanding tax strategies for STRs and we're trying to understand how/what STR tax deductions can be captured for primary residences. 

Initially wanted to hold forever but with insurance costs rising/property taxes going up/threats of Hurricanes destroying home, considering cashing out.  

I would recommend reaching out to the county tax commissioner or treasurer for guidance on the tax sale guidelines as they may vary by county.

@Rufino MendiolaIf Illinois doesn't fit your investment criteria then I'd go with a market that has strong population/job growth, landlord friendly, low property taxes and high rent to price ratios.