New member looking for some clarity

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Hey everyone,

My name is Travis and I'm looking into my real estate possibilities. I've always had good success in buying things at a good price and selling them for a profit (even boats somehow haha) and I've become pretty well known for it among my family and friends. Amanda (my wife) and I bought a foreclosure in 2017 for an amazing price and turned it into our home. It's a beautiful home in a great location BUT after reading Rich Dad Poor Dad, I have a totally different perspective on assets and liabilities. I've always wanted to own a business, I love construction and I like the idea of creating "passive" income through something I have control over. We both plan on keeping our 9-5 job but hopefully at some point we can make enough through real estate that we would be able to leave...

Being extremely conservative, we have about $50k in equity in our home, probably closer to $80k ( we would have more if we didn't take a $40k home equity loan to pay for student loans). Assuming we sell our house and walk away with $50k, we can live with my parents for a year to 18 months and save an additional $2-3k per month. This time next year we would have a minimum of $74,000 to work with to buy our first income producing property.

All that being said, we have lived in our current home for only 2 years and I was told that you need to live in it for 3 to avoid capital gains unless you are doing a 1031. Since we aren't ready to buy a rental immediately after selling, the 1031 would not work for us. I was also told that under the new presidential administration the tax law has changed regarding capital gains on real estate. Can someone shed some light on this for me? I'm also open to any suggestions!

Thanks in advance,

Travis