An S-corp might help to mitigate the tax, but it should be weighed against the admin considerations of compliance (eg: payroll, reasonable comp, etc.)

I've wondered if for example it even makes sense on a NNN retail building.Maybe if your CPA can do it cheap as part of their tax return service fee for you.Hopefully just your normal straight line depreciation is the way to go, but check with your CPA and see if they think it is worthwhile for you.   

@Maddison MartinSome market just don't produce cash flow, and the way to profit is through appreciation and tax benefits.

We would plan to “live and flip” (live in it for 2 years to avoid capital gains) while we rent our current home. 

your business will have it's own tax return depending on how you structure it and you'll get a partner return either profit or loss and that will pass through to you typically if you are an LP. if you are GP it's a little different. you also get the depreciation of the asset as a tax write off as well as interest expense typically. 

A lesson learned in this process so far is that adjusting rent is important specially considering the increases in taxes when going from 4% to 6%.

Taxes are reappraised every year and if it is not your homestead, your property taxes can go up without limit.You have to really know the market and not just what prices seem to be.

I need help on how to start a system to buy and sell tax deeds.

Don’t mention any sort of “program,” but if they ask, this document is it.I hope you use a CPA to do your taxes.

The original owner stopped paying the taxes and HOA.