It currently cash flows $300 a month on a $1200 a month rent. 

Given current rates and pricing, finding properties that cash-flow is almost certainly going to require more than 25% down.

For example if you have 2 prong outlet in a wall and you gut that wall they can require that outlet be brought up to current code AND they could require additional outlets in that wall as well.

The standard deduction is currently 14,600, or 29,200 if married filing jointly. 

Hello, I currently live in California and have been successfully managing my multiple properties in the Frisco (Texas) area for the last 3 years.

If you can't get cash out, consider the likelihood of your market appreciating further/bouncing back from where the market currently is, as well as whether you can do any value add to your properties to boost their values.

Also realize that the taxes on the unit that you are basing your purchase on - are the current owner's taxes.  

I need some advice on the following situation.I am sorry for asking such a basic question, but unfortunately, I am still new to this and never dealt with this type of scenario before.I have a single family home that is part of an HOA.My main goal is to protect the asset and avoid any potential financial loss as much as possible.The current lease agreement states that the tenants are responsible for mowing the grass.They are also responsible for paying any HOA fines, etcUnfortunately after multiple attempts to get through to them to cut the grass, the grass was never cut and the yard is getting worst and worst.They also refuse to turn on the sprinkler system which is causing the grass to slowly die.

He is looking for $290,000 but realistic offer price with the current interest rate and other expenses is closer to $260,000. 

Please shed some light on this topic, especially if you currently are wholesaling in Illinois.