There are a few more unaccounted expenses you will surely have.Since this is a Test budget, let's rework it and see what the diff is.Andres Alexander"Handy Andy"Investment Remodeler

I would also spend time reflecting on the mistakes of the first property and consider whether extreme leverage, and correspondingly thin cash flows, was one of those mistakes.Always buy for cash flow and stress-test your deals - even on a duplex. 

The seller accepted.One of my contingencies was that the land would need to successfully pass a percolation test. 

When you go to install a new fan, turn the switch and nothing happens, your patience will be tested. 

The upside is that they are usually well built and have obviously stood the test of time.

Just thinking out loud, wonder if you would need to bifurcate your interest in the property for testing purposes under 121.

I can't get the septic system tested because there is no utilities (water) in the house since it has been vacant. 

Have not tested 30yr yet.

Let's test your assurance that "any" advice would be appreciated :)My advice is to stop thinking about tax benefits of real estate.

Keep in mind I did not go past the initial stages of working for them as they did not pass my sniff test, so do your own due diligence on them as you would with any partner.