The great thing about your timing is that a lot of people are getting ready to get a decent tax return that they could utilize as their option payment.

Hi,I am looking for referrals to a CPA in Ohio to help me get myself set up as a new landlord and to file taxes for 2020 tax year and beyond.

Lake Anna, Va.Cap rate: 10.32%Average gross rental revenue: $64,121Median sale price: $405,5002.

Bought for $157,100.38 *** ***  ARV $245,000.00 5 bed 3 bath – Phoenix AZThese are the numbers from the HUD statement Bought for $157,100.38 *** * ARV $245,000.00 Existing Loan Amt Payoff $118,145.37 * Subject To $118,145.37 **** Closing Costs From HUD Title $1,045.00 Escrow $1,400.00 County Taxes $538.38 Recording Fee $120.00 Cash to seller $10,000.00 Misc other charges $525.00 Total Amount Due $ $13,628.38 *** Arrears To Bring Account Due Total Number of Missed Payments: 11 Total Payment Amount $10,095.47 Unpaid Late Charges $146.84 Additional Amounts: Foreclosure Fee/Cost $354.19 Unpaid Advance Bal $1,101.75 Total Amount Due $ $11,698.25 *** FHA Loan Mod 2nd $11,582.44 *** My Out of Pocket $36,909.07 *** Total Cost Basis of Purchase $155,054.44 ARV (After Repair Value) $245,000.00 Repairs Post Purchase $ 5,000.00 +/- Unrealized Profit $84,945.56 *** Equity (ARV minus Subject To payoff) $126,854.63 *** I strongly recommend having 3 months reserves as follows: Monthly Mortgage $917.77 (Taxes included) Electric Monthly $362.21 Water & Sewer Monthly $102.80 HOA – None $0 Reserves3 months mortgage payments @ $917.77 per month = $2,753.313 months Electric payments @ $362.21 per month = $1,086.633 months Water payments @ $102.80 per month = $ 308.40                                                            Minmum Reserves Total $4,148.34Then I turned around and sold it on a Lease Option for $265,000 getting $20,000 down on a nonrefundable Option fee, and rent of $1,900 a month. *** My Out of Pocket      $36,909.07 Option Fee To Me      $20,000.00 My Adjusted Out of Pocket        $16,909.07 ****** My Cash Flow  *  $ 982.00 monthly **So, I sold it for $20,000 more than street value, I get tax write offs, I got $20,000 back immediately as an Option fee, I cash flow at $982.00 a month and if they exercise their Option, I’ll get $146,854.63 (minus the $20,000 Option fee) equals $126,854.63 cash along with any pay down during their Option period.

Property taxes are high and cap rates are typically between 2-4% from what I have seen so far.

Low property taxes, landlord, friendly and restricted building. 

If you have a SSN and file a US tax return I would try a few banks. 

If I am looking for properties that pass the 1% rule, say for example the property is going to cost a hypothetical figure of $1M, it means I should be able to charge a monthly rent of $10k for it to pass the 1% rule.In this case the annual gross revenue would be $10 * 12 months = $120KThen it means the cap rate for it would be 12%?

If so, I can understand where you're coming from.As far as fortune goes, I'm just a simple accounting (CPA) and finance (CFA) nerd who thinks about a fortune in terms of financial wealth (that is, assets, equity, revenue, and profits).

A 1031 defers a tax, your primary sale is tax free up to those limits.