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

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.

We would net $94k which is about what we put in.If we rent then our property taxes go up substantially and our total monthly cost jumps from $2900 to $3300 (PITA).

@Alex NgMost likely, income verification will be based on your tax return documents. 

In a state with no income tax, I'm getting killed by property taxes of 7K a year for each property.

Purchase prices were $1.2M and $715k.DO NOT use Elite Tax Consulting!

If I have a LLC and use a property management company for my rentals am I subject to the 1% earnings tax?