Tenants pay $2350/mo and after the rate increase, this no longer covers mortgage/taxes/insurance.

Even if you have to pay more for the purchase think about the costs of carrying the real estate while waiting for the approvals  (debt service, property taxes, insurance, maintenance for the in-place tenant) and the additonal finance charges associated with originating an acquisiton/bridge loan and then a construciton loan at a later date. 

I am certain that there are many opportunities to consider on tax and business structure before buying so curious what some experiences have been. 

The co-op is the one selling it since the original owner didn't pay their taxes the co-op became owners.

On top of that, there's a bill working it's way through the state to add an additional sales tax on real estate.

That means no Capital Gains, which means tax free.

Purchase prices were $1.2M and $715k.DO NOT use Elite Tax Consulting!

Other liens like tax liens, mechanics liens, and municipal utility liens will also likely still remain.

Most would agree the top three are interest rates, taxes and insurance.

In a state with no income tax, I'm getting killed by property taxes of 7K a year for each property.