You can get a tax deduction by donating to Salvation Army or Goodwill industries or Habitat for Humanity or any similar re-sale operation that is a charity.Otherwise you could be filling dumpsters and that will cost you money.

If you are still looking in that area my experience with taxes have been closer to $1,500 per year, and insurance at $400-500 per year (though I only insure to purchase price and not replacement cost and carry a higher deductible ($5,000).

., it should deduct it's "management fee" and property expenses, and forward the balance to you each month.

How many years it takes does not matter.Some expenses like property taxes are deductible in the year paid.

For every dollar in deductible interest you pay, you throw away over half of it since you only get back your marginal tax rate.

It's 5% gross potential rent, but start deducting the frais de service, insurance etc. and you're left with less than 3%.

The basis for depreciation is the lesser of: •The fair market value of the property on the date you changed it to rental use, or•Your adjusted basis on the date of the change—that is, your original cost or other basis of the property, plus the cost of permanent additions or improvements since you acquired it, minus deductions for any casualty or theft losses claimed on earlier years' income tax returns and other decreases to basis.

In my opinion you should consider 100/mo/unit as the absolute minimum, after deducting P&I, tax, property insurance, 10% maintenance, 10% vacancy and property management if you use it.

My understanding is that I would only pay a max of 15% on long term capital gains profit.You are mostly correct, you would only pay 15% on the gain, but you have to "pay back" the taxes on the depreciation tax deduction you took over the last 14 yearsHere is a quick "estimate" of how your taxes would work (I'm not a tax professional and these are just rough numbers to give you an idea).Your original basis in the property is 62K, which should have been being depreciated over 27.5 years.

Based on the 70% rule and deducting rehab and carrying costs the purchase price should be around 318,500.