But be careful of the taxes eroding any possible cashflow. a 60k property in Coram, NY will run you 5600 in taxes, so this appears to be a challenge even in suffolk.

How much should I reasonably expect to pay in state and federal tax?

Who's been paying property taxes and insurance all these years? 

.$7,850 Gross Monthly Rent$785 Vacancy (10%)$785 Property Management (10%)$1000 Taxes (Current Totals =$675/mo) Anticipating taxes to go up after purchase$1000 Insurance$1028 CapEx$392.50 Maintenance (5%)= $2859.50 NOIWith that NOI, what would you pay for it. 

She is looking for freelance work to bring in some extra money.I can utilize her for working on my social media presence, SEO, and some other administrative tasks around marketing.I have already told her that it will probably be small tasks to start out with and I can't pay her anything steady until I start getting more deals and bring in more income as I scale.Curious what everyone is paying for this type of work?

It will ofset the income on your taxes.

- if we are all only shareholders of a cooperative, why is each unit's proprietary lease recorded with the county and each unit owner/shareholder pays property taxes for their own respective unit?  

We invested in Florida, were looking into Austin but we did some other researchs and the taxes are really on the high end in Texas !

So I am trying to run numbers on a few larger apt. buildings and the expenses the owners have given me are obviously inflated for tax benefits.  

However, they will calculate a new DTI (debit to income ratio) based on the new monthly payments from your cash out refi or HELOC loan.Some quick pros and cons about Cash out Refi vsHELOCCash out Pros-tax free money-low interest rate-no monthly payments Cash out Cons-closing costs (couple thousand)HELOC Pros-tax free -its a line of credit, hence you can use pay back then use again-usually NO closing costsHeloc Cons-higher interest rate-have to make monthly payments on money borrowedHope this helps,CB