Is this for a primary residence or strictly rental?

So let me define this hypothetical a little further:On a multifamily sale (strictly investment property), after paying Uncle Sam depreciation recapture, and capital gains taxes, do the balance of the proceeds become income (and added to our 1040), and thus taxable at our personal rate?

Finally the unit is rented to a tenant that passed our strict criteria so thankfully this is a non-issue for this one. 

They have less strict requirements than conventional loans because the lender has more discretion on what and who they loan on compared to a conventional loan which they want to fit in a certain box to sell the loan to Fannie Mae/Freddie Mac.Another way to get a property without going through a bank is to do seller financing.

Two red flags if they have not physically seen the place yet and are strictly going by pictures and video.

Curious, are you buying any currently or strictly converting? 

However, many investors here would argue, breaking even here is a HUGE win.I also own multi-fam in OH strictly for the cash flow and price point.

Those rules are being worked on currently, but no one really has any idea how strict the final rules will be. 

Your lender can advise you whether its best to buy as a second home or strictly as a rental.

Paul's rent control is looking like it will be more strict than Minneapolis.