Hi all, Do you guys pay income tax on the rental properties you own in the city of Cleveland?

@Sara HabtomJ Scott's book pair about flipping and estimating flips was pretty comprehensive and no upselling.Amanda Han's two books on tax strategies were also pretty good starters. 

I wanted to create some generational wealth and leave some property for my children after they turn 18, and even earn a little cash flow and expand from there. 

There a ton of pitfalls that can just crush you. from bad tenants from hell to city regulations that are impossible to figure out to taxes to bad rehab jobs etc.

My goals are different than what it had been - yes, we want cash flow but I want to cut expenses and earn future income and equity for my children.

On the other hand, a SFH is generally farther from the water (I'm trying to stay within golf cart distance to the beach), has less amenities than a condo, and higher property taxes, but seems like it would offer more appreciation than a condo.

Good choice :)Being able to start a journey of deferring that tax will compound for you as long as you keep the new properties or do a 1031 whenever you sell one. 

If you combine them then the courts (and tax courts) deem it a loan and cause a foreclosure action and you to be taxed differently than if it was a lease property. 

What I mean by this is considering how much your down payment returns to your net worth (appreciation, loan paydown, tax benefits, AND rent avoidance).

If your already in a high tax bracket, then the commission will be taxed at that rate which may be more than the capital gains.