He was very knowledgeable of entities, partnerships, JVs and tax implications.

Tax value on the home is currently 150k.

And as for the house --it's in Quincy--south of Boston --walking distance to public transportation --right in Quincy Center--there is a major development under way.Current Rents $39.3K a year (probably a bit low still)Taxes/Insurance $11K a yearWater Sewer $1200 a yearI've never had a vacancy in 10+ years but accounting for 5% vacancy this gets to NOI of $25.1K per YearAsking Price:  $630K.  

Rates are generally 4.75%-6.25% depending on the terms of the note.The use of non-IRA funds to leverage the IRA triggers a tax known as UDFI (see IRS publication 598).  

Typically with a property this size you require the schedule E tax transcripts of the seller from the IRS.

You should be provided with a HUD sheet that breaks down all the expenses / credits on it, before the closing, you will have to pay county and state tax, filing fees, transfer tax, etc. 

The county tax records still list the original owner who no longer lives there.  

The only thing I can think of is shop around for different insurance, and make sure your property tax assessment is at or below the appraised value of your refinance.  

You get potential cash flow, tax shelter and appreciation.

I recently purchased a tax deed property and I'm am going to rehab it and flip it.