I am getting ready to move out of the building entirely and would like to disband the condo association and have one tax id for the building as a whole.

While you are considering options, be sure to consider the ability to leverage tax benefits available with investment property. 1.

Thanks for the mention, @Kelly O'Keefe @Jun Lopez I provide specialty tax services such as cost segregation studies, 1031 exchanges, historic tax credits, section 179D, energy tax credits, etc. rather than tax preparation services, but I'd be more than happy to connect you a CPA (or there are great ones here on BP as well).

Duplex house - 2 units both 2/1 (good condition)Estimated sale price $310kQuoted payment 7.5% (25% down)$2068.96/month (assuming $150/mo for insurance and $293/mo for taxes)$87,149 cash to closeAnnual cash on cash return 3.6%cashflow $252 monthlyBoth units currently occupied and lease signed through April 2024I will be using property management for this property because it’s out of state for me. 10% fee. 

Combined we are making about 250-300k annually pre-tax.

Not to mention, in Houston you'll want to keep an eye on property taxes, MUDs, and prior flooding.

But always check with your lawyer 😊One other thought.

Everything weighs in.Step 2: Highlighting the Tax BenefitsTax breaks are a big inducement for many investors.

Thanks to the Cost Segregation Study, the property investors accelerated the depreciation that the first year depreciation was approximately $356,000.The use of the accelerated depreciation strategy helps real estate investors to reduce the tax liability immediately which therefore increases their bottom line due to the offsetting of income.

Also, if you are given 3 weeks before bids are due, that would be a good time to check property-tax and other publicly available information, rather than trying to fade you bid after you've tied up the assets for a month.