Thanks PNW, Mr Castillo.I guess I was trying to make the idea too general :oops: .More specifically, when I search the Wayne County Tax website using property ID numbers gained from Zillow, I sometimes come across properties whose status is "forfeited", and others whose status is "delinquent".

The interest is tax deductible but also you can depreciate the property to gain even further tax advantages.

Glad to see you found us.Those of us from PA have been a minority around here, but we are gaining.

My goal as a real estate investor is to purchase at least one property per year and earn $8,500/month of passive residual net income through rental properties from SF and multi-unit housing.

They do all the property management, making it a totally passive investment for you.They will make their number look good because the expense will be very low.

After attending the bootcamps back in 2008 I've now done close to 40 rehabs; many fire damaged and full gut jobs, that I would have never done without the knowledge gained from the bootcamp.

Our buyer will then buy it from us with cash (so yes, we will have actually owned the property for an hour or so)So, if our profit was $40K, are we liable for capital gains tax, regular erned income tax or what?

If I can gain nearly $100k equity in this, i would want to look more into it :)

At the end of the day, it's still cheaper and instead of throwing money out the door each month on rent, I'm owning my office which may not have any equity from paying down principle but will gain equity as the market turns back up again a few years down the road.

The $100 isn't counted as cash flow because it is not passive income, you are actually working for that money.