That's the whole point of the first position note, really only taxes and a couple other odd ball things can wipe it out.

Meaning how would i find the tax fees , round off the bills and all the holding fees so ill be able to put it in a report for my cash buyer since also i'll be flipping houses in my spare time so if anybody can answer this ANSWER SOON AS POSSIABLE PLEASE.

We put about $2500 and some sweat equity into the property before renting it out (some flooring, new dishwasher, new water heater, painting, etc).income: $1295expenses: $108 vacancy (guess), $283 HOA fee, $161 property tax, $14 insurance, $130 repairs / updates (guess), $480 mortgagecashflow = $119And that doesn't take management into account, which so far we'll try to do ourselves (from NH -- I know that's iffy, but we did find a high quality tenant so we're hoping that not too much will happen).

The property taxes are roughly $2,000/year.

Please share what the 'tax benefits' of an LLC are.  

Take your time and pencil out the cash flow as you described but put in property taxes and an allowance for emergency maintenance.

I need to discuss a potential tax deed purchase with a law firm that specializes in quieting the title.  

Went to a free tax liens presentation where they sell a 3 day work shop and their software for $600.

And what tax benefits or pitfalls are out there.

Do I have a attitude, you bet, can't collect from them when they default and 80% will be a problem guaranteed.The vast majority on welfare of any type in Ontario are scammers stealing tax dollars and all believe they deserve every cent they receive.