So you can do one of three things:(1) prepare a mock 1040 as you normally would as this will give you a high level of accuracy if prepared correctly;(2) review your previous returns and determine your effective tax rate, then apply that rate to this years earnings; (3) have a CPA do it.I get this request all the time so I've built a template for myself that allows me to quickly estimate a client's tax liability.

We have just made our first claim after major water damage in a rental.

I also highly don't think that refinancing into a VA would be effective.

Once you do that then I believe you can fully dive it to a plan on how to execute effectively within that realm.Happy Investing...

the deposit is for damages, financial or physical, which are ultimately the same.  

I'd rather have the $1,200 unit with a $1,200 deposit to pay for damages rather than a $625 deposit.

@Maranda RobisonYou can not sue yourself or seek damages for your own Error or Omission under your own policy. 

. $495 x 6 x 12 = $35,640 gross income. subtract 5% vacancy and your effective income is $33,858.

More REO's meet the "too damaged to be financed by the retail buyer", but they are constantly watched by rehabbers.  

If you want the quick formula for your SFR:PGI (potential gross income)-VCL (vacancy and credit losses)+OI (other income--laundromat, cable etc)=EGI (effective gross income)-OE (operating expenses)=NOI (net operating income)If you get financing, you do not factor that into this equation.