There is positive job growth from the tech industry, manufacturing jobs from Tesla, geographically restricted building, no income tax, low property taxes, close to CA, mild weather, and landlord friendly. 

What taxes will we need to pay besides the capital gains tax? 

The last thing you want to do is turn an asset into a liability. 3) What is your plan to repay that lump sum?

Would it be possible for me to consider my down payment a business expense when I file my taxes next year and get a tax break?

Cash Flow Analysis: Conduct a thorough cash flow analysis, taking into account all expenses, including property taxes, insurance, maintenance, and potential vacancies.

Strong job growth, landlord friendly, low property taxes, cash flow opportunities, and proximity to one of the wealthiest areas in the world (Silicon Valley).

In some cases it might cost you a few bucks but at least you remove most if not all of the liabilities.

Here's my question: Do I qualify for a tax deduction considering the substantial loss on the property? 

Multiple billion dollar companies are investing into our area, such as Intel, Google, and Amazon, due to reasons such as lower costs on land, great tax abatement opportunities, and an attractive cost of living for employees. 

Unfortunately the barrier for entry into a lower-end home is about $1 million now, and property taxes are low (likely less than $5k).I currently have a financed home with about ~250k in equity (2% interest rate), and we have about ~220k in cash.