For the past 2 years I have been busting my tail sinking every dollar I make into fixing my credit, getting out of debt and building a business that now does about $500K per year with a decent bottom line, only to be told yesterday no from a couple of banks that they won'y lend me money!

With regard to turnover, we have such a tight rental market where I’m at that we can literally dove-tail renters to not miss any rent (unless we are going to renovate).  

It could be true, but it’s just as likely there’s another reason the current owner is quite aware of, and you’ll find out the hard way if you buy it.By buying on could-be or pro-forma rents, you’re buying as if the seller had put in the work to raise the rents, without their actually having to do so.It’s a great deal for the seller if they can pull it off, much less so for you.In the best case scenario you’ve already paid top dollar and now have to work your tail off to “catch up” to your projections by raising rents as soon as possible (sometimes with negative consequences as you pointed out, Fan).In the worst case scenario you find out there was a reason rents were so low (e.g., significant deferred maintenance you hadn’t spotted on the inspection and that tenants were bugging the last owner about for years).

I agree with @Steve Morris that you should never let the tax tail wag the investment dog.

As an analogy, imagine if you had a full-time job and your boss said they wanted you to show up for work and grind your tail off for the next several weeks or months and they'd 'think' about whether they'd pay you.

Don't let the tax tail wag the dog.

I had a similar situation recently, but it was for the tail end of the school year when the shut downs first started happening.

Both come with a dreaded inspection which can become an issue often times just a week before closing potentially sending the deal into a tail spin. 

Tail between my legs on this one.

dont let the tax tail wag the dog.. make your profit do another one..