For Detroit properties specifically, the city assessor is aware that Detroit has the highest millage rates for rental properties in the state.

LLC), and what tax obligations or withholding rules should I expect? 

But my kids are really into Tax Sales ~ but the best deals they get are using the tax sale list to contact owners . . . offering to clear / pay tax debt and give owner some $ for house ( so they can afford to move out. )This must all be done BEFORE the auction  If owner does nothing, and house sells at tax auction, then they get nothing ~ loose the house and the sheriff evicts them  This is all not easy ~ and the success rate is probably less than 1% . . . but they've got some amazing deals. 

That’s a great point for anyone thinking about financing options.From a tax perspective, @Elmer Wayne Fisher, self-employment usually gives you more freedom to plan.

Hey Zach,I am not a tax professional but I am in my 2nd househack and it is my understanding that you are correct on the washer and dryers.

The lenders will want to see tax returns . 

First is how the gain will be taxed.

That’s insane.Protest your taxes people.

Both properties have an interest rate below 2.5% and both cash flow.

The conventional investor rates really aren't that much lower than a DSCR right now.