The taxes currently being paid are lower than your acquired tax bill when purchased (via re-assessment or purchase price as the case may be).Also, you left out administration costs, accounting, state business taxes, legal fees, and the cost of an entity (assuming you will use one for this property).Assuming the new tax basis will be at least $3250, and adding in the other expenses, you are looking at an NOI of $23,542.

Because, if you do what you propose that now means that someone can go after your assets in both states, by having just one legal entity.

How about management, advertising, entity maintenance, insurance, evictions, setouts, legal fees, damage done by tenants (in excess of the security deposit), lawsuits, utilities (at least during vacancies), capital expenses (not technically an operating expense), etc, etc, etc?

to cover some legal stuff.

The other negative item to flipping is the larger tax implications, unless you utilize a 1031 exchange each time.

After a few thousand more on legal fees, I got my judgment but have not collected anything to date.

:roll: There's got to be a legal definition of "service animal" that includes some training of the animal.

...every time you watch the nightly news' "disaster of the day", instead of shedding a tear you wonder what the implications on the real estate are...

Well not too sure who said it but here goes (nor am I on the quote either)"the only certain things in life are Deat & Taxes" I am all for paying taxes in your tax bracket but it is your legal right as a United States Citizen to do what you can to pay as much as you should pay not!

Dear tdsilk;A Homeowner's Association must be formed legally prior to charges being assessed to Owners of the properties.