Monthly rent + rate increase + probably getting a clearer picture of taxes/insurance would be my guess for that.So I wouldn't completely blame whoever you were working with on that, but if it were my client I would have tried to get a clearer picture of that going into it and either treat it like a 'vacant' or go off of market rents (assuming they are closer to $1200).Good luck!

If its a tax deed foreclosure that may be different as typically in most states you would have to go throught quiet title. but if its a mortgage foreclosure you should be able to get title insurance.

Taxes are also always going to be a consideration, and this is an assessment year, so you should account for them going up more than usual in your projections.  

The property is being sold as raw land below its tax-assessed value.

Oklahoma may require you to file a state tax return regardless of your income level.

I pulled them from the tax assessor's website, just going one by one through each parcel to locate and identify the vacant lots.

Typically, it just refers to the number of units/leases you have, not the number of tax parcels. 

If you are setting aside funds for capex, taxes, insurance, or other expenses that don't occur monthly, transfer those funds to Savings each month and hold them there until it's time to spend them.

For example, if you had bought some RE with HELOC funds a couple years ago and now have to service that debt at twice the rate, that could be really painful. 

Ignore the loan when trying to factor in the possible tax implications as paying off a principal balance doesn't do anything tax-wise.