To help reduce the cost, my contractor waited till he had a buyer for the rich top soil. 

The other option is to reduce their income to less than $100k for a year and get all the benefits that year. 

@Lucas AndlerSpeak to your accountant - Selling securities to purchase real estate may result in Short-term capital gain or long-term capital gain.You should consider both federal taxes and state income taxes.Long-term capital gain may be eligible for reduced tax rates.You may be able to defer the gain by putting the funds into a Qualified Opportunity Fund(QOF).

I'd prioritize doing a good deal over stressing about doing the perfect deal, if that makes sense.

I realize taxes are paid yearly, and any other costs on the property (repairs, improvements, property manager, travel costs, etc.) will reduce the income I am paying taxes on, but for now I am just trying to get a general estimate of the monthly breakdown.Please point me to some resources that can help me understand how to best understand and handle taxes! 

Most people who don't come from money find dealing with banks and bankers stressful -- this is one of the psychological obstacles that got thrown up in the game early for me.Good luck to you.

I am ok with renting a little under market price because it reduces my vacancy.

The rate of inflation is the highest level in nearly 13 years, signaling greater stress on our economy as businesses grapple with supply shortages (that are at least temporarily raising the cost of many goods and services).

Do you want to cash flow, break even, just cover PITI, or simply just cover some of your mortgage to reduce monthly expenses and build equity in your first investment?

You need to discuss the options available for your new building to see what you can do to reduce the long term costs of the flood insurance.