Newbie here and I've been eyeing a home in Florida that looked like it was ~15K in delinquent HOA fees. but it actually looks more more like 70K-ish in delinquent mortgage/HOA/Taxes etc.

My concern is that this will trigger a property tax increase?

@Dennis O'LoughlinSpeak to your cpa as selling it for $1 can have some tax implications either now or at a later date (cost basis)Yes you would want to buy it from him to get him off the home and mortgage

So any LLC you file that is both you and your husband will have to be taxed as a partnership. 

In TX taxes are due Jan 31 for the previous year.

Also asked to see tax returns for the last 24 months (if available).

The lender will check if the property rental income are enough to cover the mortgage payment, tax, HOA and insurance.

Let's discuss the role of cost segregation in maximizing tax benefits from leasehold improvements.

It is possible that your plan will constitute "running a trade or business" - something notoriously not well defined in the tax law.

In this case, it would be tight either way, but know that either way you jump you won't be able to refinance again for a few years based on whatever the lender's prepayment penalty is set at.I guess I would have to ask how much the taxes and insurance cost would be, because that doesn't sound like the kind of property that would have a negative cash flow once you rent it out at ~$1700 a month.