The original owner stopped paying the taxes and HOA.  

#1031exchanges #replacementproperties #capitalgains #taxes #realestateinvesting

How in the world can I find a great reviewed CPA that will help with my tax situation?

If you are setting aside funds for capex, taxes, insurance, or other expenses that don't occur monthly, transfer those funds to Savings each month and hold them there until it's time to spend them.

You can hear real-world examples of how others have built their investment portfolio and (hopefully) learn to avoid their mistakes.4.

If you were there over two years you won't have as much to pay as much in taxes.

But realize that expenses also rise... property taxes, property insurance, etc will offset higher rents.The shortest answer I can give you (in my opinion) is that it isn't a great time to be jumping in for most newbie investors.  

Tennessee doesn’t have personal income tax but if we create an LLC we would have to pay state income tax.

Which would mean that all of my clients funds go into my bank account and I would pay them their net payout (rent less my Mgmt fee, cleaning fee, maintenance costs, taxes) at the end of the month instead of them paying me my Mgmt fee.

I could just sell it and do a 1031 to avoid capital gainsBut it is not so simple to just "sell it" I have a solid tenant and they are paying $3.6k/month, haven't missed a single payment and they are so sweet.