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.  

Next on deck: tax benefits and cash out refinancing.Kevin Barbera

I'm currently working with a hard money lender who initially had some great terms for my business partner and I, however, we ran into a little bit of a problem due to some tax issues with my business partner.  

The members of an LLC are issued K-1 Form and have to pay taxes on all profits as though it were income, which could expose the owners to high employment taxes.

If you are new to SC you need to know your taxes.  

I work at a VA Medical Center so I'm well aware of what he gets each month (tax free). 

Like the old-school feel of excel :) 2) Keeps real estate transactions separate for tax purposes3) Easy to fill in expenses and income on a monthly basisIf anyone has any tips, or even an excel template they would be willing to share, that would be extremely helpful!

BTW, my monthly expenses are all encompassing - any mortgages + insurance, taxes, vacancy allowance, capex - but not taxes, since those are (largely) offset by itemization.