. - 10k or so (varies by state and county with costs)929,100 - 791,000 = 138,100 gross profit before long term capital gains tax of holding for more than 1 year time or deferred taxes if you 1031 exchange into something else.As you can see by the numbers this deal is too thin for all the work involved.

Discuss ideas with your finances Dad and grandpa by all means, but assuming they’re older and sounds like they have a lot of cash from a business sale, super specific advice from them likely won’t apply to you.That’s like asking someone who starting buying rentals in SF in 2008 what you should do for buying rentals in Rockford IL in 2018.

I guess everyone has their own risk threshold but @Luke Slapa might not even be aware of the risks involved.

Applied against active income if you fall under the MAGI thresholds. 

Matt - thanks for the outline ...as you mention needing  financing  ...definitely get  yourself  pre approved  for whatever hypothetical scenario you want  to use  ...if you already have done this - great ...if you haven't yet done this - get it done before you begin looking  seriously  …….by doing this you will become more familiar with the  figures  involved and the  process plus you will be able to insure your financing is viable and available should you find a property ..thanks

A Real Estate agent, if one is involved, may be able to help with the Comps.  

Would love to get involved with some local real estate clubs.  

I applied to PG&E over 8 months ago to get a separate meter, and it's still in engineering.

Trust me ...You start hanging out doing handyman repairs around their unit when they are gone they will surely find more little problems for you to apply your magic on !

I have a four plex under contract and have some hesitations about how involved I will have to be.