Start by talking to a cross-border CPA and attorney to handle taxes and legal structures properly.

If you can rent it for $2,000/month, after fees, taxes, and potential maintenance costs, you’d still make a decent passive income.

.: Hello,I'm new to tax/mortgage surplus funds retrievals, and have been in contact with a homeowner who is willing to work with me.

If you live in a state with its own income tax, you might be allowed to credit your Illinois tax against your own state’s income tax.

Make sure to account for property taxes, insurance, and any HOA fees, as those can vary significantly in different markets and impact your cash flow.

.$275000 with 25% down, taxes $4080, insurance is 3000 yr and rents is $3800 month, Water $400 mth. 

Also I would buy tax deed land for say 2k sell it a few months later for 10k on terms that was my cash flow. 

If the permanent financing will allow you to recover most of your initial investment and the fair market rent covers the principal, interest taxes, and insurance with cash left over, you have a BRRRR.

With an 8% mortgage rate, they would pay more than $650k in interest.One major problem for both buyers and owners beyond mortgage rates is the rising cost of property tax and insurance.

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).