I've also started the process of becoming a certified home inspector to gain a better overall understanding of assessing potential investments.I am currently in the learning phase of real estate investing.

So the Mil rate is established by each taxing municipality, be it a city, town, township, village, ect. multiplied by the assessed value, determined by the municipalities assessor (not appraised values) hope this clarifies. 

@Paul Costick, you might add a clause in the JV to assess your equity position and make a determination to maintain the buy and hold or consider selling, at certain points in the future.

Bought in a medicare sale with all closing costs paid at tax assessed value.

Assess ALL moisture invasion issues - Longer you wait the more expensive they get so those are a repair now thing.

There were no added income tax liabilities for that year but the home was re-assessed by the county and in turn, property taxes increased significantly.

Great, assessed value is set at $345k and I look forward to raising it further when you've completed all the repairs in a few years.

So, current tax assessment on the house is $70,000.

New to real estate and learning through passive investments with my self directed IRA.I am interested in meeting new people, building relationships, learning and assessing possible investments as a private investor.

Assess the repairs needed and compare what the cost of the home+repairs vs. what you want to do with the home (rent/flip/live in).If everything offers a great cash flow or a house you'd like to live in, submit an offer.