.- Property receives one set of taxes- Both houses are approximately the same sq ft. (1300)- Two single-family homes, not attached (two different addresses)- Property size 0.45 Acres- Township won't allow subdivision unless each house sits on 0.5 acre lots- Will reside in one house upon purchase, and will rent out the second house- One house currently rented out for $1,400 a month with a one-year lease- Purchase price $260,000Looking for ideas or best ways to finance this type of property!

Like when I did my last one, the study was going to cost $1600 and the benefit of it was $28,000 in tax savings.

@Rajshekar Manaliker I’m here in south Florida and we’re still moving and shaking with a good amount of incoming residents from income tax paying states

There a ton of pitfalls that can just crush you. from bad tenants from hell to city regulations that are impossible to figure out to taxes to bad rehab jobs etc.

Bu equally important that the seller is current on their property taxes.

Looking forward to the passive income but also to the tax benefits

>> Will there be any tax implication?

If you're concerned about the tax implications, definitely talk to an accountant well versed in real estate to go over your options.

If you combine them then the courts (and tax courts) deem it a loan and cause a foreclosure action and you to be taxed differently than if it was a lease property. 

I am getting ready to move out of the building entirely and would like to disband the condo association and have one tax id for the building as a whole.