Thx again in advance.Expenses Annual Figures R/E Taxes $9,756 Insurance Premium $3,000 Maintenance $4,000 Water & Sewer $3,000 Common Electric $700 Gas Heat/hot water $0 Tenant Paid Management (5%) $3,937 Garbage $0 Ind.

I looked up the status of the property tax bill and taxes are always paid before due date.

your statement was correct pre 08 but not post 08.In many ways with many HML getting a loan will require the exact same qualifications as getting a loan from a bank.. tax returns credit income and experince.. the place for the HML is simply banks DO NOT do rehab loans.. so this has allowed the HML to firm up the requirements.

I believe I would like to start with some Raw Land flips through tax liens in order to develop some working capital.  

Are there any legal and/or tax considerations we would need to know about?  

Condo fees=161 monthly HOA =33 monthly Taxes about 184 monthly.

^Loaded question.....Most popular methods are direct mail, driving for dollars, auctions, tax and foreclosures sales and networking through local rei groups.  

if I go by your numbers 54k purchase price amd 24k for rehab  that's 78k you're going to rent 2 units for 750 so that's $1500 a month.you should calculate the expenses taxes ,insurance,maintenance etc and see if the cash flow will make sense.. you can use the 2% rule which in this case looks like you're right on the money. . so if 54k and 24k are right numbers and this is not a complete war zone were you would get your $1500 every month with no problems than this should be a good deal..check again for the rehab costs with a local contractos ask to have written estimates. also see if you need to pull permits.. these takes time and money. .good luck!!

My question though is that if the most recent property tax is based on the previous sale price, if your purchase price increases dramatically then wouldn't you get a huge spike in taxes?

Hey Jeff, I'm a former license tax professional, Im not taking on any new clients but I can give you a recommendation if you private message me.