Can these expenses be deducted from profits we have from other rental properties we own?

We considered renting out the garage as is to the family renting the home on the attached lot, but decided that long term the garage space would be more profitable as apartments.

There is really nothing to analyze or check.You've got a nice profit shown, don't know if that's accurate, how did you arrive at the ARV, and is that an assumed sale price?

Good point Sam, but with just a little more effort many of those hand-up folk could probably skip the MH and move into a conventional home, lots of non-profit housing entities and low/mod income programs.

Cash flowing deals are easier to find in tough areas, but it takes a special type of landlord to profit in such areas.

The reason i ask is I am in a similar situation where I could sell for a small profit $2-3k, or refinance pay off my partner and cashflow $350/mth as a rental, all the while gaining appreciation(ideally).

That puts your profit at somewhere in the $17-27K range, which is likely more than 20% of resale value...which is where I like to be.You could probably even pay a little bit more if you're confident in your rehab and ARV numbers.Good luck!

I explain if we buy it for cash, we are gonna turn around and sell it on owner financing for a profit.

Then, twice a year, the manager makes an additional payment, based on the profits in excess of the fixed rate.

These are decently profitable rentals and I have a concern that the city would look to increase property taxes I am looking to reduce based on rental income.