I understand I wouldn't get the benefit of tax deductions, but what else am I missing that makes this a good deal? 

The property owner's tax professional can help them with that and ensure they don't pay taxes twice on the same income.Disclaimer: My advice/opinion in this post is just that, my opinion.

A lot of forum members are experts in their respective fields related to real estate investing, whether that is real estate sales, wholesaling, flipping, buy and hold investing, lending, self-directed IRA and Solo 401k investing, or tax and legal guidance.There are some pretty nice discounts on many products and services offered as Perks to BP members that you might want to check out: https://www.biggerpockets.com/perks/proIf you haven’t been to it already, the Bigger Pockets blog features links to their fantastic podcast and many great articles: https://www.biggerpockets.com/renewsblog/The site has quite a few tools that can be helpful for new members.

At least now your tax basis is $220k ;-)  What was the extent of the repairs?

However, this means you’ll need to comply with the annual filing, franchise tax, and reporting requirements in both states.

With a large portion of the incoming migration coming from international residents moving to the District, emphasizing improving and bringing back Washington D.C. sports teams to the city should create a strong desire for domestic residents to want to live near a fun, community engaging activity that is very relevant to those that live in and around the city.The District also has other programs it is running to make the District more attractive to live in outside of just working in the area, such as the Office to Anything program (Source) and the Housing in Downtown program (Source) which will incentivize developer through tax credits to convert office buildings into new construction housing and new construction retail properties, which should continue to attract more residents back to the area.D.C. also understands that with all of these big changes we have seen, the strategy and allocation of resources from the government moving forward should be reassessed to create a city that is adapting to the future trends to remain a safe and desirable place for residents to live.

The taxes and insurance sound like where we are in St Augustine and NY. 

Approximately 6-8 weeks ago my attorney stated he was unable to get the delinquent tax 'owner' nor the squatters served in this matter. 

What paperwork should I keep a paper trail of to make things like taxes and other situations better/easier for myself?

Turns out the theory was right, but the decline has been even steeper.You might be able to predict whether a future market will be better or worse than the current one, but predicting how much worse or better is nearly impossible.And don't even get me started on how sponsors could be manipulating purchase cap rate, whether intentionally or unintentionally, by reporting pro-forma caps, non tax-adjusted NOI, and so on.