I will do that.I dont plan on amending every time assessment.Im just concerned because the first value that i used initially is way off.But i guess, amending it will just trigger audits, etc.Thanks Bill!

Thus a lender might pay the taxes, but that gets added that to the mortgage (being behind in taxes might also might trigger them to call the loan, since paying the taxes is usually a requirement of the mortgage).  

If its your hometown get connected with investor groups ask a ton of questions before pulling the trigger. 

Saw on another blog references to " some real estate transactions can trigger the need for a 401k to file a tax return and pat taxes".Looking to use my solo401k to invest in real estate but want to avoid making a mistake.

Just be an expert at one thing at a time.I was in your situation for a long time and I never pulled the trigger until I moved to Des Moines-I can only recommend that you work hard to make connections (is there a REIA or Meetup there anymore-I used to go to the QC for them) and learn your market. 

If I use the line of credit to make improvements and then decide to sell and 1031 exchange the property into a new property can I use proceeds from the sale to pay off the line of credit without triggering a taxable event?

When you are closer to pulling the trigger, I would be happy to chat. 

I will take a step back and understand this first before I pull any triggers.

But before you pull the trigger, start looking for a place to reinvest the funds.

Then in 2016, prices went up more and I decided to pull the trigger anyways.