Capital gain will be calculated as: (Sale price - Selling costs) - (Purchase price - depreciation + improvements + purchase costs)Additionally, the portion of the gain that is related to the amount of depreciation that was taken on the property will be taxed at your ordinary tax rate, up to 25%. 

Remember costs remain relatively the same (cleaning, etc) so the profits are far less.

And you can always require your renters to carry renters insurance.2- Landlord tenant law is state-specific, so you would need to research codes or reach out to the state real estate authority or your local metropolitan housing authority (MHA)....they are usually a good resource.You would need to check with your county auditor to see if there is a requirement for a "rental registry"...this is county specific...or could be related to city ordinance as well.

The mother died without a will and the daughter had so many other issues at the time that she just couldn't deal with it, she is relatively young and drugs were involved w her mother's death, so there are a lot of issues here. 

What do you think is a fair price to do a relatively simple year of LLC taxes, generate some K1s and 1099s - $650-$750?

There is always some other misc expense related to an specific property/transaction. 

If you don't intend to borrow too much and plan to pay it back relatively quickly (typically, you're looking at a 5-year loan if the borrowed funds are not used to purchase a primary residence), this strategy may work.

It really depends on your market, but in many, a 6% cap rate is relatively normal.

If you would like to know more about me, I have created a real estate related Instagram account where I plan on documenting my entire process, and to hopefully bring a little value (either now or in the future) to those in the same position as I am.

@Josue Godoy This is a loaded question- If you are planning on being very specialized in a single area it would make sense to go one way or another...this is an oversimplification, but the point is to be diverse enough that you can process any type of deal...for example, really focus on an area you like well...like flipping, but learn how to hold properties as well, and whatever else you want to learn...as you grow, you'll be receiving many leads from different sources...and the point of this rationale is that you should have enough tools in your toolbelt to put your deals in a "best use" funnel...then profit on the other side.I'm only adopting this position because you are so young and have so much time in the industry to elect to pursue and specialize in one strategy.The simple answer is related to your goals...assuming you want passive income to replace your W2 means that you will need to buy and hold properties...similarly, if you start flipping properties, you're creating another job for yourself and creating a liability.