One additional thing, after I had my contractor go through the property and come up with list of repairs needed to bring the building up to code, I renegotiated with the seller to 165,450k.

For the record, it is not safe, nor is it code-compliant.

I also like http://realtor.com, you can search in a radius of a city or zip code.

Taxpayers have a three (3) year window as soon as they move out of their primary residence and convert it to rental or investment property in order to take advantage of the 121 Exclusion ($250K/$500K tax-free exclusion under Section 121 of the Internal Revenue Code). 

And as far as 1031s go, there are no exceptions and no provisions in the IRS code to extend the 180 days you have to complete the 1031 exchange regardless of whether or not there is rehab involved.

I'd recommend looking into the following zip codes in MW Detroit for buying and holding: 48219 (but not Brightmore), 48221, 48235, and parts of 48227.

I had 5 in a large  3 bdr, read your codes carefully, here related parties were counted as one, so 2 of the 5 were not related for a total of 3. 

All our workers have a master key to all of our properties, however, I prefer to have the tenants be there when someone comes in because they will always accuse you of stealing their lap top, Rolex Watch, and the $10,000.00 they have in a sock in their drawer. 

To the point that it could mean the difference between a good deal and a bad deal.The tax code in NY seems to be extremely arcane, so I don't particularly expect a BP member to be able to calculate the number.

I once had a property manager try to convince me it was normal to just give the lockbox code to the prospective tenant in exchange for their credit card number so they could view the property without the PM getting off his lazy behind to show it.