It was purchased from a local wholesaler, then repaired/reno'd, from a single family to a single family with a legal suite.

What is your feeling about buying single-family properties in Grand Rapids now?

Additionally, there's a fixed self-employment tax.Income Tax: 22% * $70K = $15.4KSelf-Employment Tax: 15.3% * $20K = $3.06KTotal Tax Due: $18.46KRemember to account for any state taxes as well.To defer taxes entirely, you could utilize a 1031 exchange, which allows you to reinvest the proceeds from the sale into a similar investment property, thus deferring the tax payment until a later date.Example #2: Long-Term Capital GainsNow, consider a scenario where you hold onto the property for over a year.Project Details:Property Cost: $70KRenovation Costs: $50KResale Price: $200KProfit: $80K ($200K – $50K – $70K)Since self-employment tax doesn't apply, you only need to calculate the long-term capital gains tax.

Run the payments through any automatic money handling source.Escrow account, checking account, auto deposits work great.

My plan is to purchase single family homes/townhomes for long-term rental, and benefit from appreciation over decades.

Fairborn, which is maybe a B or a C class neighborhood, is home to Wright Patterson Air Force Base so lots of potential for military families and single Airmen/Guardians moving off base.

I'm thinking about house hacking/live-in flip but I want to know what others' experiences have been in renting out multifamily and single family homes in the area.

@Zach Knoll I sure hope you didn't pay for one of those syndication mastermind courses that sells you on the belief you can assemble all of the components and educate a bunch of random's on how to empty their IRA account to fund your deals.

I generally have been researching small multifamily properties and single-family homes for both short and long-term rentals. 

There is no FHA 3.5% down on an apartment building or a shopping enter, there's lots of gov't incentives for "everyone to own a home" and since 1-4 units residential are all considered "single family" homes that means young investors get to ride that gravy chain for up to 4 units, but nothing like that exists for CRE (the gov't backed CRE mortgage options require MORE experience than traditional/vanilla commercial mortgages).Let me know if I can help.