They monitor transfers and will appeal the taxes if they suspect some thing; it is only paperwork to start the process.As well there are certain risks / issues you should be aware of;- As noted above, you have to take on the sellers original purchase cost which limits future depreciation- If there are / might be any outstanding liens, they will be yours to deal with- The tri-annual re-appraisal, is being done this year.

Your tenant base is limited since they have so much to choose from.  

I’d suggest your best bet is to go to your local roofers supply and ask for references.

Once you find the maximum limit you see if there are programs matching your wallet.

Tough lesson but bet you won't let it happen again.

Located inside city limits within walking distance to shopping and restaurants.

You run the numbers, if the numbers make sense at a specific price point to make money worth your time then thats your limit, if not.......then its not for you. 

Your best bet is to put in the time and effort to source deals and partner with someone who has money for a 50/50 split.

The contract he proposed is to:purchase the house (20k above their purchase) for 75k.I put 10k into it to fix the roof and HVACHe puts what he estimated as 12k or so to rehabHe believes he can sell for 140k easily FSBO - or use flat rate MLS listingA recent comp nearby (only 1) shows a similar sized, but newer home, much less land, sold for 150k The house needs some new drywall, paint, unsure if tile is still OK, kitchen rehab, 2 bathrooms rehabbed, probably carpet in the roomsMy holding time is 90 days to sell apparently in order to qualify people for FHA loansIs this a good place to put limited supply of my money? 

You can contribute to an IRA from earning income only, and the annual limit on contributions is $5,500.