Do you open an account to escrow your tax costs or is there another way?

After the 3 year redemption period you need to do noticing, file law suit, get a judgement but instead of taking ownership of the property like you do now, the new system will cause it to go to a tax deed sale to the highest bidder.

If we 1031 Exchange and end up staying in the home a paying off the mortgage are the deferred taxes due the day you pay off the property or is there a window of time in which they will be have to paid?

The typical issue with SE borrowers with Conventional/Govt loans is that most of the tricks that reduce your taxes also reduce your income, which is what's used to qualify you for the mortgage.

The presence of the wiring was noted a week or so after we were in contract, but I also assumed from the start that it may come up on inspection due to the age of the property, and its location.

This will be my first time buying land. I usually just flip houses. I’m buying a piece of land that has had a house on it before (it burned down) and currently has an old mobile home, on the other side of the property...

It also means keeping track of money in and out, talking to a tax expert, and being good to your tenants.Good luck

Tax Deferral: Properly executed, a 1031 exchange defers capital gains tax until you sell the new property.Have you ever done a 1031 exchange?

Because of material participation I can deduct that $350k vs other income.Using combined federal and state tax rate of 40% x $350k = $140k in immediate tax savings.

One of the worst housing markets in the country, 27% of homes still severely underwater nearly a decade after the last financial crisis.