However, vacancy means covering 100% of the expenses.Multifamily properties almost always generate higher cash flow due to multiple income streams, which also reduces the risk of vacancies.

For house flipping, consider an LLC taxed as an S-Corp to reduce self-employment taxes by taking a reasonable salary and the rest as distributions.

As for your neighbors, they could have exemptions like Homestead, widow, military disability and many others that can reduce the amount of taxes.

The value of the property and how it’s distributed relative to ownership stakes will determine whether it counts as a taxable event, I believe(I’m not a CPA or attorney). 

In some cases, federal tax credits like those for low-income housing or economic development might also apply if the project aligns with certain goals.Instead of buying the land outright, developers often lease it from the tribe, which can reduce upfront costs and sometimes come with favorable lease terms.

The use of the accelerated depreciation strategy helps real estate investors to reduce the tax liability immediately which therefore increases their bottom line due to the offsetting of income.

This takes a little more work, but it's the fairest and reduces the likelihood of tenants that squander utilities.If you choose #2 or #3, there are considerations:Start with an average.

I'm not familiar with your market, but here are some thoughts:750 Sq ft is small for a 3/1.Interior looks like a flip but it seems like it has been owned by the sellers for a long time...so maybe not.They have been trying to sell this property for 6 months and have reduced price. 

I guess they have more land to build there so it might reduce the appreciation there?

This would allow you to access some cash for other purposes ( Tax Free) because a refinance is not a taxable event.