Here's my question: Do I qualify for a tax deduction considering the substantial loss on the property? 

Multiple billion dollar companies are investing into our area, such as Intel, Google, and Amazon, due to reasons such as lower costs on land, great tax abatement opportunities, and an attractive cost of living for employees. 

.), lower property taxes, and many would argue that there is more to do in BK compared to Queens.That said, both boroughs can offer what you're looking for but if I were you I'd start searching in Brooklyn then branch out for more options if you don't like what you see.3.

Unfortunately the barrier for entry into a lower-end home is about $1 million now, and property taxes are low (likely less than $5k).I currently have a financed home with about ~250k in equity (2% interest rate), and we have about ~220k in cash. 

Quick question, I’m in California and will have a sizable, capital gains tax bill owed to the IRS and the state of California in the near future. my question is how quickly does the capital gains tax liability need to be paid?

What I would encourage you to do is to compare how much cash you currently have invested out of pocket in the deal and also calculate what the cash flow is for that property.Cash flow is the income (rent) minus all expenses: mortgage payment (including principal, interest, taxes and insurance), average maintenance costs, capital expenses (new roof, hvac, water heater.

Land is so cheap that if you do end up buying a large tract taxes are really cheap and you could build your own portfolio of land in areas you desire. - Double closings/Assignments - As the land market is getting saturated with other investors.

Let the property owners worry about taxes, insurance, etc... while you make money every time a property is cleaned plus every time someone stays in the property.  

Yes, you get depreciation and tax write offs.

If you have been working on it but not listed anywhere, you can't deduct any expenses until next tax cycle.Also, I would highly suggest you get yourself a CPA that can help you.