As a matter of fact I would love to get my hands on the simulator that you built.

Since I am out of state I prefer not to take on major renovation so it would probably be worth to a local investor to make me an offer and take the property off my hands otherwise I will repair and rent to section 8 for 625 month the taxes are around 1100 and insurance will be 60 a month.

I would have a contractor walk through it with you with the inspection report in hand to get a good repair estimate.

On the other hand, if two properties get an offer say one at $50 and the other at $60 and the Seller wanted $55 for each, then everyone wins because the Seller can allocate the $110 into each asset at $55.

I've done some reading but haven't had any hands on experience yet.

SO if you have cash in hand, 15 yrs could be the right approach.I am assuming your mortgage note says "no pre payment penalty", you can just call and tell them extra check is towards principal.

You can't deduct that which you never earned.On the other hand, if you're using the Accrual form of accounting and you counted the lease as income at the time the lease was signed, then yes you should be able to deduct the lost income.

Why would you hand ~7k to the government over the course of the year.

When I first got my license.... way back when, someone told me, after your buyer signs the contract, hand them a bag of M&M's, and tell them to take them for the "buyers remorse" that natually comes afterwards.

Because of the difficulties involved in getting compliant, there are only a handful of operators out there that are even trying at the moment.