As a general rule I assume 30% of my gross rental income will go toward expenses, some people use closer to 50% but my numbers seem to work.

You still want to account for it, but it obviously makes a difference.If you're owner-occupying the building, I assume your gross rent of $2,750 is from two units and the garage.

Quit my W-2  job in April, have loans on primary and rental property, wife is a stay at home mom with no income, my business is only 3 years old and gross receipts are not steller since I have been doing it part time for 3 years.

40k sq ft building and 50,000 gross rents sounds way off.If rents were 20 a foot and 40k building was full that is 800,000 gross expected before other costs.

Flip Purchase + rehab = $150kSale price = $200kSellers realtor commission = $12k (6%)Tax on $50k gross profit = $12.5k (assuming 25% tax bracket)Gross profit = $25.5kEquity = $0Long term benefits = noneYou’re trading $50k in appreciable equity plus all future cash flows for $25.5k now.

If you work with an agent, take their projections and reduce gross rent by 25% and up the maintenance costs by 15%.

@Angie Gross how many units is the property?

List price is $1.9 Million and you are only getting about $9,300/mo in gross rents?....

They are growing sales 100%+ year over year; just look at these stats:Full Year 2018Retail Units Sold of 94,108, an increase of 113% YoYRevenue of $1.96 Billion, an increase of 128% YoYTotal Gross Profit (incl. gift) of $196.7 Million, an increase of 189% YoYTotal gross profit per unit ex-Gift was $2,133, an increase of $594I'm just pointing out a trend here.

@Alexander Felice it’s mostly commercial property around it amv is around 150 I’ll be putting in around 20k in repairs I’m getting it for 65 the property management is the selling agent and it’s extremely hard to communicate with her I do plan on house hacking the gross rent will be 1300 and the tenants pay utilities