In Nevada, property taxes DO NOT reassess on the sale.  

I think the tax benefits combined with building equity is the goal, cash flow is not a major issue thankfully with our household w2 income.

I have been trying to break into the residential space on my own by driving for dollars, knocking on doors, sending letters, and cold-calling lists of vacant, pre-foreclosure, and tax-delinquent properties.

couple of questions1. are the taxes correct, will they go up after purchase/reassessment?

I smell a refi in your pipeline a year or so from now, remember this isn't a home loan, so "two years of tax returns showing a profit" is NOT a hard/fast rule at all to get the best terms.

Yes physical cash, I'm also worried about putting the money in to others bank accounts and then them getting taxed on the money because it'll look like income even if there just transferring the money to the lender.

I will wait until we've held the lot for at least 1 year to avoid additional taxes owed per my CPA's advice.

In terms of giving away equity; I am not sure if this is too far down the road, but getting long term debt on the property is a consideration as an exit.

I'm filing my taxes using TurboTax and completed form 8824 for Fed purposes.

There is no recorded lien, but that debt is attached to the title of the property and its based on not the sale price but assessed value (because of the passage of time since the death of the owner) and also based on WHO inherited.So, you buy a property at tax sale for $50k thinking you got a nice deal, BUT the heir to the property was a nephew and the assessed value is $200k.