I purchased a 28 unit 10% cap at $30k a door though needed heavier Reno to bring it to $47k door renting around $640 incl utitlies.Be aware of cost of insurance and common water bills.Looking at an 18 unit deal in b/c neighborhood now which is closer to $65k/door targeting $800 /mo

There are ways to mitigate this tax, by either using a double corporation strategy, discretionary irrevocable trust, or life insurance. 

Probably something simple I am missing or the deal just doesn't make sense.3 condos, the owner has 14 out possible 48 in this complex and if the deal goes through may lead to more deals with her.the condos are 1/1, 2/1 and 2/2, she is asking 76k for the 2 2/1s and 64k for the one bedroom. total 216k, she would hold a second position note for 30k with me putting down the remainder of the 20% down (13,200) and pay closing costs. she would like 6 payments, one each year of 5200 for 6 years which comes out to 31200 total, about 1.5% interest rate if my calculations are correct.For simplicity, I am counting the 3 as a triplex, so rental income is 2325/month, tenants pay for electric and gas, HOA of 185(555) per pays for water, sewer and garbage as well as exterior and common area maintenance, snow removal, grass cutting, etc. taxes are 266 and insurance is 50 month (HO-6) policy which I hadn't heard of before.

Then sell, buy a duplex and combine any excess proceeds with your other savings to buy a second rental. 

Prop insurance is more expensive 4.

I've been presented with an opportunity to invest in a 7 acre parcel on a mountain in NC, and need some help evaluating it. 10% annual return on the $175k initial investment, and 50% of the net proceeds of each lot sale (12-14 lots). 

@Patrick Daly If this is your first syndication, you have to prep up in advance in terms of investors conversations, legal structure, assembling your team: securities attorney, CPA, lender, insurance broker, etc...

I'm not sure how I'd proceed though in gaining more properties down the road in a year or 2...Do you go full cash, get a mortgage, or some other strategy out there?

I would also say, you might not even need LLC if you have a good insurance.

They manage my former primary residence for me and usually are very responsive, I can talk to the owner any time, and they have good control of the statements, payments, insurance, etc.http://www.hrgaustin.com/property-management/Hope this helps!