But be sure to ask your accountant even if it’s just the local H&R Block guy because it’s probably all a tax write off.

Any tax experts know if this is true or not? 

Do you do taxes for CA?

What tax benefits might you receive that could potentially offset some of your tax burden with such high income?

I invest and help others invest in Cedar Rapids, Iowa and know a couple neighborhoods where the tax assessed value is lower than other neighborhoods (same house), but just have a poor stigma/border thriving neighborhoods, so the spill over is and will continue to push into these neighborhoods.#4 You can take this questions 2 ways. 

Yes, rental income is taxed as ordinary income.

Is the $775K inclusive of the closing costs, transfer tax, land, architectural drawings, engineering drawings, township approvals, legal fees, holding costs (during construction), realtor fees? 

If so, you get the personal exemption of avoiding taxes on up to $250,000.

It’s crucial to ensure you’re compliant with your city’s requirements, including permits, taxes, and safety regulations.Ok - that was just a stab at it. 

Leaving me with a payment including taxes and insurance of about 1600 a month for another 30 years.