Capital Gains Question

[Karen Bolyard]

Hello everyone,

I recently purchased a SFR as an investment property and started rehab this week. Trying to decide whether to flip or rent. I had originally thought I would rent for year and do a 1031 to avoid cap gains tax, but I was told since I am a real estate professional ( I am a broker), I would be exempt from cap gains. I had also heard I need to have several homes in an LLC to qualify. We have 4 SFR's- 2 in one LLC, 1 in a different LLC and 4th is my personal residence not in an LLC. Any advice / suggestions is greatly appreciated!!