He was a good guy” and his information  on buying at tax or foreclosure sales was realistic and doable. 

Use umbrella insurance as an additional safeguard, especially if you opt not to form an LLC.Avoid S-Corp taxation for rentals, as rental income is passive and not subject to self-employment tax. S

What are the tax ramifications of a sale, if any?

@Pratik as @Neil Narayan mentioned, cash flow is very challenging due to the property values, property taxes, and soft rental market.

Which made my tracking for taxes and such all look super dumb because everything is off by a dollar.

-Management is low - you'll need at least 10% plus leasing costs - typically a month's rent for each lease-up, and sometimes a renewal fee as well-Insurance seems low-Are taxes accurate? 

@Michael James Hamlin I'm a former tax accountant/business consultant turned fix n flipper and investor friendly agent. 

From a tax standpoint, there are additional disclosures to make when selling a business asset for less than fair market value to a related third party. 

And she’s the one that released the latest tax rates and year to year comparisons in September of 2024.

There are auctions to sell cars, police auctions, tax impounded auctions, antique auctions, etc.