I would like to get some input on exit strategy for this property by assessing options during this turnover.

I'll get to the bottom of it when the foundation specialist do the assessment on Wednesday, but from what I'm reading, I need to install a  sump pump at the very least.I'm thinking about ripping the insulation now (I have a dumpster that will be gone on Monday), and treat the existing mold if there's any.I'm wondering if I can wait to install the sump pump until early June after we're moved in.Eventually, I want to encapsulate the crawl space to use it as storage, but that's not my top priority.If I have to re-do the whole floor in the future, can I salvage and re-use the LVP I might install now?

A change in ownership may reset the assessed value of the property to full market value, which could result in higher property taxes.

Property taxes are based on assessed valuation of the property and this is done every few years where they determine the market value of the home through comps, market increase, etc.

Does it take into account tax assessed value, purchase price, or appraised price?

Taxes increased significantly on the last re-assessment all over the north side but it has had no affect on the sales price of 2-4 units due to low inventory they are selling for 10%+ more money then when their taxes were lower a year or two ago. 

I dont know if im missing something but the property has been on realtor for over 250+ days.These are the numbers----Purchase Price: 100kSq Ft: 1500Property tax: 1800 per yearInsurance: 432 Per yearTotal Gross Rent: 2,500 monthly Expected Repair Cost: 8,000Expected Monthly expenses: 1,540This is also assuming 20k downpayment for 30 year fix rateSomething that i noticed was that the tax assessment was 190k.

How did you deal with assessing your obligation to make any disclosures to the homeowner once you bought the sheriff deed?

@Mehmet Eksik I'd have to agree with your assessment based on my experience.

Anyway, as I do my analysis I notice that property taxes eat up a large part of the cashflow in my area.For example, one duplex I analyzed was assessed at $120,000 and the annual total net tax is $2,800.