The requirements of the safe harbor election for small taxpayers are: Average annual gross receipts of $10 million or less; andOwns or leases building property with an unadjusted basis of less than $1 million or less; andThe total amount paid during the taxable year for repairs, maintenance, improvements, or similar activities performed on such building property doesn't exceed the lesser of- Two percent of the unadjusted basis of the eligible building property; or$10,000 (for questions about how to calculate the unadjusted basis, refer to "Figuring the Unadjusted Basis of Your Property" in Publication 946You make the election to use the safe harbor for each taxable year in which qualifying amounts are incurred.

Again, it's a 4Plex and the city assessment is $203,000.  

The house was sitting since June with no activity and they dropped it $20k and I offered $7,000 off he new price.

She would be a great contact and she is active on BP as well :) 

Greg,Always a concern on dues, special assessments, what type of board members do they have, are they physically sound?

Call and speak to the most active local commercial real estate brokers in your desired market.

I'm assessing a HUD property (my first investment prop) and am trying narrow my estimate on the cost of rehab on a house.I was able to pull up a PCR on the property (a brick ranch) and here are some key things:Cooling/AC - DamagedHeating/Furnace - DamagedHVAC Duct - DamagedPlumbing: - Sink: Damaged - Pressure Test: FailThe property is a 1,500 sq ft ranch home that seems like a good opportunity provided I don't overshoot the cost of these items.

You can not actively do 'fix up' work inside of the accounts (IF that is what a person wants to do)You want CURRENT income instead of waiting until retirement years.With all that said, I do hold quite a bit inside of retirement accounts (as do my partners).

Again, it's a 4Plex and the city assessment is $203,000.

California has a wacky law where assessed value for property taxes can only increase at a very limited rate (~1%) so most people are locked into property tax rates much lower than their current home values, so this favors purchasing rather than waiting.$4300/month is at the high-end of affordability for me, so seems like the only way I'll be able to purchase a home of the quality/location I want is to liquidate (at least some portion of) my real estate portfolio.