So you can do one of three things:(1) prepare a mock 1040 as you normally would as this will give you a high level of accuracy if prepared correctly;(2) review your previous returns and determine your effective tax rate, then apply that rate to this years earnings; (3) have a CPA do it.I get this request all the time so I've built a template for myself that allows me to quickly estimate a client's tax liability.

This will reduce risk of vacancies during the slow months.  

Any one have suggestions on how to work with the consultant/contractor to reduce expenses?

I just want to reduce the fees and make some other changes that I should have thought on before I signed on.

So if 100,000 purchase the property has rent of 1,000 a month. 500 rent per month would be 1/2 a percent to purchase price.Sometimes if you buy a property needing rehab in a good area then you get for a reduced price and can hit a 1.5 to 1.7% rent ratio to your all in price.

I wouldn't even bother asking you for paystubs, because we aren't going to consider what you claim you make ($1.2/month), nor are we going to consider your stated YTD earnings (unless it indicates declining income).Ballpark, so as not to bore you with too much minutiae: We're going to look at what you told the IRS you made when you filed your taxes, and do a 2 year average (1 yr if most recent year shows declining income).

@Lauren BrownAs far as running the numbers, I would add more allowances for vacancies, reducing your gross income.

If market goes down, reduce rent.

As far as property taxes you definitely earn a partial exemption BUT the deadline to file for this year is March 1 so don't mess around.

Your friends that earn a good living and have all of the toys, do it because that's what they enjoy.