It gets lost in the price of goods/services.I know how much I pay in federal income tax, but I still think there's a substantial amount of taxpayers who don't know how much they pay.

The taxpayers!

It will do NOTHING to help the economy, but cost the taxpayers a bundle.

Lets see , $25,000 to first time home buyers , plus forgiving student dept , nice way to buy votes with tax payers money .

And don't get me started on how Community property states vs non community property states have mucked up the whole LLC entity issue.But for purposes of entity ownership and identification of actual tax payer (which was @Michael Plante's question) I don't think there's going to be any state nuance that will differ. 

Counties and cities want to post bonds because of last downturn the roads on failed projects went unfinished and they were stuck with finishing out roads at taxpayer expense.You didn't mention topography of the land.

Please read and help if possible...The Howard Jarvis Taxpayers Association sent out this newsrelease today following the defeat of SCA 4 in the SenateGovernance and Finance Committee.

Full scheduled rental income of $16,800 and 5% vacancy shows an effective gross income of $15,960, which is very close to your stated actual.Year 1 returns are as follows: Pre-tax Cashflow $646 (0.30%), After-tax Cashflow $726 (0.33%), After-tax Return + Pay down on principle $1,942 (0.89%), Total Return (After-tax + pay down + appreciation-2%) $7,342 (3.35%).

Money isn't free and this will either come down on tax payers or higher prices for everyday goods. 

Having said that, I am a very aggressive taxpayer but I stay with in the "letter of the law" and I have seen many  conservative CPAs endorse this method without issue.