Yes, I feel for you, MMS. If you take the time to do the figures you'll find circa 70c of every dollar you earn/make goes to our government.
That said, let me acquaint you and the readers with my RE formula for success, which has proven itself, decade in, decade out (since the late 70s recession). And I'm the first to agree that it won't suit everyone, given we all operate under different circumstances.
Towit: Goes without saying that you buy well - the worst house in the street, the worst farm in the district (I'm simplifying). I move in for a minimum one year, maximum two year stretch, which qualifies the tax free status of a principle residence (house plus 5 acres with farms -remaining acres low value). During that time I renovate and improve the property to the extent of its optimal capital appreciation (without over capitalizing). I also use that one or two years to secure the next target buy, which I move into as soon as I complete and sell the occupied property. I have repeated this scenario more than 40 times since the late 70s - tax free (other than stamp duty), with no tenant issues and minimal risk (none that I've experienced).
In every circumstance I have netted between 100% to 500% profit - tax free, which allowed me to retire at 57, low those many years ago. Caveat being that I still work, but call it a hobby - because I don't have to work.
What most people fail to fully appreciate is that your principal place of residence is the only tax free profit remaining in this country, and provided you buy well, renovate to the perfection of optimal presentation and continue the chain every one to two years, you will prosper from property without the hassles of tenants, tax implications or associated market risks.
The only downside to this tried and true formula is the inconvenience of living in a home that is being renovated and constantly moving house. Even so, once you get into the rhythm it becomes an art form that is manageable. Like I said, its not for everyone.
