If you diversify, your spread that risk out amongst multiple stocks,.....or in this case multiple properties.And just for the record, I do own two condos in the same building.

I put it on craigslist , zillow, get a hold of realestate agent friends to spread the word over all there in house networking.

Example:HUD-1 Property Tax Credit: $3000Taxes during my ownership last 4.5 months: $2000Total Property Taxes Due: $5000 Since the city this unit is located in allows payments split into 4 periods throughout the year, can I pay the $2000 property tax expense in 2015, get the tax deduction, and then since the $3000 is a payable pay it spread out over the remaining payments to clear it out in 2016?  

@Timothy CasallasFirst, thanks for your service.Welcome to the vibrant BP community, where you will find like minded individuals committed to REI and also helping others succeed.Your time on this social media site will be well spent.You have taken the 1st step by announcing your readiness and commitment to embark on a REI career.You mentioned an interest in buy and hold, as well as flips, so I added guides on both niches while you wait for feedback on your investment areas selected.http://www.biggerpockets.com/renewsblog/2013/02/22/buying-rental-property/ (how to buy a rental property)http://www.biggerpockets.com/renewsblog/2014/01/07/flipping-houses/ (step by step guide to flips)The bottom line is that you must take action to start.

I contact the inheritor of the property through the information given to me on the file and try to contact them directly via cell or digitally on social media.

@Donovan Williams your house looks like it has a pretty good spread.

If they combine the final sale with a seller carry back note, they can spread the tax over a period of time. 

Since the buyer is essentially giving $50K to the seller via traditional financing, do we prorate the $200K gain by recognizing 25% of the gain at the time of sale ($50K/$200K = 25%) which will be spread out over the life of the loan?

Thank you for sticking around on BP and teaching and spreading your knowledge.

It sounds like the owner will do what it takes to get the deal done, and you should have plenty of spread to work with at your purchase price.