You will be entitled to a partial 10-year tax abatement from the day you pay for the permits.

However, after meeting with a friend who has real estate experience he mentioned that he predicts in about 12-18 months there will be a downturn of the market and an influx of foreclosures due to the pandemic forebearance.I now feel like our momentum and excitement has come to a screeching halt and I am unsure of whether or not to invest in this market.I understand long term the market works itself out, however, if I bought this multifamily unit on my current income, I cannot afford for the rental market to depreciate as well which is my fear.The mortgage would be about 4K.

Not like it's vacant and you have no income on it.

After taking all of those deductions, it is unlikely that you will ultimately owe any taxes on the rental income. 

The key highlights of this slate of bills includesAdditional Excise Tax on STRCreation of a statewide STR registryStandardize safety requirements across the stateProtect the ability for local government to zone STR in accordance with their needsThis isn't the first attempt at statewide regulation, and its clear the bills as written would be operationally burdensome to put into place for the state (aka, expensive) and the problems they are trying to solve are not, in all, a result of STR in our communities but of bad tax laws already in existence.

I've also had one potential tenant tell me that "an income requirement of 3x the monthly rent basically disqualifies single-income families".

I also have a good w-2, live below my means, no debt, and due to get wage increases in coming years. 

For instance, if we had 5 AC units go out, I couldn't cover that on a dime without outstripping my capex and tax savings, but I could probably pay off in a few months.

What I also did though was give the borrower a PFS and information that showed I could pay this loan and had the ability to pay the loan whether it was generating income or generating no income. 

Hello All,I am looking to buy a rental property with my parent (full cash no loan) and we are trying to figure out how we should set up the agreement in order to get the least amount of taxes paid and most amount of profit made.