You are correct in your formula to make sure income covers expected costs.

It seems like if you are trying to sell an income generating property but refuse to disclose any information about how much income the property in generating, you are probably running a scam of some kind?

if you do it right you can get your money out (and maybe a little extra), get some cash flowing for additional income and do it again.

You can you passive losses to neutralize/eliminate passive income.

The resoning behind this is that while capital gains would be at a lower tax rate, the interest is ordinary income is taxed at a higher tax rate. 

He doesn't have any signifcant savings (~10k), and his only income is social security and a small pension which comes out to a total of ~3k a month.  

I sold a few homes in Jackson MS to Naca buyers.. its a process and the homes had to be in perfect condition before naca would close  IE FHA or VA appraisal standards at the minimum.. the program is designed for first time home buyers or low income home buyers also NACA was very firm on us ( the seller) buying down rate and closing costs. 

A structured installment sale is a highly beneficial tool when looking to exit an property (investment or otherwise) because it'll lower your taxable income and is customizable.

I have been renting during my whole college career and made some income through internships that I would like to use towards putting a downpayment on my first property.

I wanted to house hack and purchase a property that has dual streams of income.