As an FYI here in NJ you pay state income tax and a local municipality property tax.  

@Robert P. thank you for that info about how it is done in Mass  i will look into that info for NY@Matthew Paul i purchased the property for cash, so as far as not having income i will not have a mortgage to pay for, the reason money is tight right now is because i had to pay school taxes right after closing, and then spent $17000 on a roof the first month. 

Your lender is giving you an opportunity you wouldn't have otherwise (to buy, rehab, rent, refinance and repeat) and in this instance, looks like a fair (even low) price.  

If you get a SFR, you make pretty good income just renting out as a seasonal with less headaches.

We stopped using bandit signs becasue it cant be a real hassle and the respone rate in my area was very low.

It's a pretty safe location for rental income, lower crime and a fair amount of appreciation, however you are probably going to pay a fair amount in property taxes, purchase price, etc.

I am a Realtor in Pasadena, CA. I have a great business on the sales side of Real Estate but I have been itching to start investing for myself instead of just helping others. I look forward to learning and building my...

I'm starting off as a no to low money down type investor lol with so much more to learn.

Welcome to BP @Xavier Tazanu Check out Brandon's book on Investing with no or low money down, it's a great resource on creative financing.

Profit would probably be low but anything in the green to me is great!