CA Capitol Gains

[Matt Y.]

So, I'm sure that this is going to reveal my "newb-ness" but I'm told there are no stupid questions. I thought we're in the trust nest, are we not?

As far as I know, in CA you must live in a purchase as your primary residence for a minimum of two years in order to avoid the stupid 30% CG's right?

Do you flippers out there just simply bite the bullet on this since you're still left with 70% of whatever you profited? Or are there tricks of the trade that I need to learn about? Are there at least some ways to help minimize this blow? Because I'd much rather only put say, 10% towards Obama's jetfuel/holiday fund if at all possible...