A lot of small business owners face this challenge by utilizing tax strategies to reduce their tax burden...it catches up to them on the flip side though.

If the net number is negative or zero - probably does not work with owner occupied purchase.

I sat down with the owner for lunch.

I called the owner who was a flipper and we struck a deal we did not even have the full downpayment but he made a separate deal with us where we paid him cash for the deposit.

Part of you due diligence should include looking at past owners of the land. 

It is a 10-acre plot and the owner is willing to roll the equity into the deal for the development of something that generates cash.My first thought was a self storage facility which we could always use here in South Florida, and the second was a car wash.

Including transfering of permitting or licensing from current owner to prospective owner?

But as an out of state owner you will be relying on a property manager's decision on tenant selection, needed repairs, contractor selection etc. 

Interest rate 4.9%We are two people who in a weird way, fumbled our way into becoming rental property owners.

We have won in court before on this, but more times then not, a judge will use their judgement and award a partial amount for the "additional cost" their untimeliness cost the owner in additional repair costs.