So you owe $30k to the federal government and maybe $16k to the state of California.

If you were in the area or if you have someone that really knows the market in the area you could take that gamble and it may pay off but just as easily it could leave you selling for half of what you purchased it for in 5 years.Now my final disclosure, BEFORE YOU BUY ANYTHING in Port Huron you need to go read the new zoning rules that the local government has passed that no longer allows rentals in certain neighborhoods as well as the landlording regulations that require rental certificates and inspections.I do want to let you know that when I started investing in Port Huron in '09 I had hoped to buy bad houses in the Hospital / College area, fix them up and rent them to stabilize that community.

I feel that it is THE biggest thing keeping our over-bearing government in-check.  

@LeArcashei Moore not sure about the regulations in Tuscaloose but you could probably ask Brian Trippe of the Alabama REIA "AlaREIA".

Earlier in the year someone posted an article stating that the government is going to take over the rental market.

Keep in mind each state is different also and NY has some specific regulations in different industries. 

With government funding gone and hospitals back to normal capacity, the industry has contracted a lot and the gold rush is over but the industry is still higher than pre-pandemic levels.

Is anyone familiar with the City of South Euclid regulations on rental property?

Local Landlord/Tenant laws and applicable Real Estate laws concerning rental transactions and required licensing and handling of Client funds; Federal Fair Housing; Fair Credit Reporting Act; applicable EPA regulations; HUD rules for certain projects financed with HUD money and of course Title IX subsidized housing issues; OSHA rules for employees (office AND maintenance workers); Licensing and Insurance requirements required/recommended for contractors that you hire; IRS rules related to employees and income reporting for your Clients and vendors; accounting "best practices" for Client funds; business insurance and record keeping requirements for your locale and type of business entity, and probably a few others.

I would say for the government not to touch anything and let the free market does what it does the best.