Whether this income would qualify you or not would largely depend on how much you claim on your taxes and for how many years. 

We would like to take the equity and invest in a short term for some tax benefits. 

also where can I find lists of tax sales?

You will need to do a Tourist development tax application and a short-term rental application.

I'm getting the application process started with our city to obtain a license to do short-term rentals.With this being - said we're thinking that it might be time to get an accountant to support us during tax season as we enter this new venture. 

It is so fun to see their faces when they see the cash flow, tax deductions, ROI, Appreciation, that is possible from one property. 

I've calculated the tenant-occupied vs. owner-occupied ratio and understand that for expenses that are for shared areas, that ratio would be applied at tax time to deduct. 

Purchase price: $12,250 Cash invested: $7,250 I was trying to do the Tax Deed investing taught by the Ted Thomas group only to fall into this money pit.

If we want to use round numbers and say that all lender, title, insurance, and taxes total $7500 in closing costs, then you would receive $93,750 - $7500 = $86,250 at closing.The clients that I work with on refinances in Memphis are all cash-flowing really well, so I love the idea of picking up another property there.

Combined we are making about 250-300k annually pre-tax.