ThanksACQUISITION:Purchase Amount: $395000Interest rate: 13% for 12 months interest onlyClosing Cost (Settlement Charges) $29238 paid out of pocketAnnual tax: $5500ARV: $630000Rehab Cost: $120000 (100% finance)Down Payment: %55000 paid out of pocketRefinance After How Many Months:12 monthsRehab Time: 6 MonthsREFINANCE: Loan Amount: 75% of ARV= $472500Interest Rate: 7%Closing Cost: $20000Term: 30 yearsINCOME: MonthlyRent: $5200 EXPENSE: MonthlyFix expense:Tax: $458.33Sewer: 200Variable expense:Vacancy: $260 (5%)Repair: $156Cap Ex: $208. 

Quote from @Robert Allen:  Ask where did this guru learn tax liens about ... and what are those people doing nowadays .... 

Saved us a ton in taxes.

Purchase Price: $215,000ARV: $275,000Tax Assessed: $300,000Rehab: $8,000Rental Rate: $2,300Landlord Insurance: $2,500Home Owners Insurance: $5,000Property Taxes: $8,000Year Built: 2018

Specifically, the property taxes can make things kind of tricky when it comes to the overall cash flow. 

There were some repairs I had my handyman do that had a cost plus the sales tax.

Last few years insurance and property taxes have impacted cash flow a lot.since the property is old every now and then I have had issues such as leaks in pipes, fence falling, and appliances. 

However, it turns out that the seller's LLC was unregistered as they had not paid their property tax on time.

Renting out part of your place means dealing with some tax stuff.

Well, three top reasons come to mind:It will allow you to deduct their earnings on your own tax return.It is required by law for any person to whom you paid at least $600 in 2021, total.