If you're using Zillow or the tax district or almost any public facing website, I always question how good the comps are.   

I've done it at times, sometimes 6 figures, but always do it so that there's no tax burden on my recipient.

(This is what we do, no upkeep,  and we love the 10% down, plus cash flow, principal deduction and tax write offs) Some of our investors use their SDIRA or 401(k) or pension to do this.4.

$60k profit pre-tax.

Prioritize quality locations.Keep healthy amount of reserves per property, hire a PM, and hire a tax friendly CPA(not planning just prep). 

In doing so, bear in mind that the cost and admin of a corporation is higher and that the tax treatment is different:1.

As you alluded to, sometimes a passive note investment purchased for monthly payments “goes south”, and becomes an active participation investment, with plenty of additional capital required for legal fees, forced place insurance, and property taxes.  

@Jeanette LandI always recommend using a tax professional.

Have any idea about Gift tax in NY?

Had to negotiate to 999,000 only to stay under the NYC luxury tax.