This calculation also assumes that personal exemption and itemized/standard deduction weren't used to further decrease the income.It appears the gain will be a lot lower resulting in a lower tax. 

That said, I'm tempted to present a much lower offer to the seller and attempt a cash for keys deal with the squatters.

Instead, we may just lower our offer.Any words of wisdom or suggestions?

There are places int he Midwest however, that will give you bigger cash flow, but potentially more problems regarding repairs (older areas) lower class neighborhoods (depending on how cheap you go).Indiana, Ohio, etc has some opportunity.  

That being said, I don't plan on living in NY my whole life, but want to find a way to househack so I can lower my living expenses while I'm there.

You could charge a bit of a higher interest rate, require a decent down payment and discuss that you’ll be there to give advice and help, but they are responsible for the whole ‘business’.If you do your vetting properly and help them succeed, you could lower your tax bill and create a long term income.Maybe this is a terrible idea for real estate and/or you just want to dump the homes and walk away.

If you value your time/energy/stress level for a 6 month process (max 180 days) at more than $10k, then maybe it isn't worth it to you.

My place is in downtown SF, when I charged lower, I got party kids finding beer bottles in trash along with condom wrappers but once I raised the price along with great ratings, I got working professionals and conventioneers which are never home because they were here to work.

I stress that regularly changing these will help greatly with heating and cooling costs.More often than not there's still 11 in the box when they move out.For many tenants the only way to make certain these will be changed out regularly is if I go over and do this myself.Gail

Hi All,If your main goal is to invest in rental properties and retire from the corporate world in the next 5-10 years would you choose a job that pays more, is more stressful, longer hours and more one dimensional or a job that pays 20k less but is less stressful, easier commute and more transferrable to other industries?