I expect to get a 30-40% ROI

Hello Andrea:  That used to work 15 years ago yet not now.I am in Ontario in Kitchener Waterloo and we are happy to find a property that can break even for cashflow or have a small positive or small negative each month and it still works out as a good investment due to the expected appreciation in value over time and the expected rent appreciation over time and the paydown on the mortgage over time.  

Hi Guys,We are considering selling a property and have some 1031 exchange questions with regards to IRS expectations. 

It's unrealistic for the OP to expect that, especially with no money to rehab and being unable to qualify for financing being self employed and fresh out of college, and with the property not being a bankable asset.

Say your property shows a $5,000 annual profit on paper, once you consider the write-offs like depreciation, mortgage interest, property tax, etc, what kind of tax bill should you expect?

If you expected an appraisal of $187K, and it appraised at $155K, that's a pretty big swing. 

Sure I don't expect it to work out to plan all the time, but having a plan B & C is just me being more prepared for the what if's.

Which of these would you repair and pay for yourself, and which would you expect the tenant to pay? 

Everything is gravy, expect I've been stuck with this gross profit of 25-30k on every house.  

We went into a purchase agreement. It states if our first loan was declined we would have 90 days to secure the money . The owner allowed my family to move in due to issues he had with past tenant . In March we sign a...