You will need to get the IRS to issue a discharge of it's lien otherwise it will follow the property (unless the lien has expired- check the local recording agency and look at the dates) Check IRS.gov under discharges of Notice of Federal Tax Lien.

Thank you aaron I personally have no experience in fire damage so my plan was to get it under contract and wholesale it.

You can estimate a specific job, like replacing carpet, or a project, like a bathroom or kitchen rehab.Here is the site.https://www.homewyse.com/services/index.htmlIf it's in the ballpark, then it seems like it could be a useful tool as you're getting started and looking to run numbers to make offers before you have a lot of deals and experience under your belt.

Also, don't be afraid to lob a low-ball offer, and explain that you can't come up unless you have more info.If you like the real estate, just get it under contract.

The property I have under contract is in Texas (Collin County)

The big buyers that are larger companies handle everything in house once under contract but ultra high net worth individuals expect you to help them with everything along the way.    

I would recommend going to the Fileplace under the tools tab and type in pro forma or income calculator.

Now your job is to get this property under contract for 25k then find a buyer and be transparent as possible and assign the contract for 5k.

If you have one rental should you put it under the name of a business?

Question from a newbie: what is required to get a house under contract?