I am certain that there are many opportunities to consider on tax and business structure before buying so curious what some experiences have been. 

It's there to prevent hiding behind LLCs for shady reasons, including tax evasion.

I know I will owe taxes here and hopefully someone can shed some light on that.

Even if you have to pay more for the purchase think about the costs of carrying the real estate while waiting for the approvals  (debt service, property taxes, insurance, maintenance for the in-place tenant) and the additonal finance charges associated with originating an acquisiton/bridge loan and then a construciton loan at a later date. 

The co-op is the one selling it since the original owner didn't pay their taxes the co-op became owners.

I have an investment condo in Brandon that I owe $102,000.

Tenants pay $2350/mo and after the rate increase, this no longer covers mortgage/taxes/insurance.

On top of that, there's a bill working it's way through the state to add an additional sales tax on real estate.

That means no Capital Gains, which means tax free.

Two (2) parcels in a manufactured home area, acquired through tax deeds and sold on open market with owner financing.A 2/2 condo acquired from the Forclosure action on the courthouse steps.A senior community 1/1 condo from a wholesaler.A senior community 3/2 SFR also form a wholesaler.All have proven to be profitable.