However, once you start renting it out, those renovation expenses could be added to your cost basis, potentially lowering capital gains taxes when you sell.

Mine is to network and also to gain knowledge.

Your old carpet did not become more valuable over the seven years you owned the property, even if you are selling for a gain.

If you live in the property for at least two years, you can sell it without paying ANY capital gains tax (unlike traditional flipping).We've done this a few times, but almost every time, we end up keeping the home as a rental.

However, these losses aren’t lost; they are carried forward to offset future rental income or gain upon sale of the property.3.

Fortunately, you will be able to to a 1033 exchange into new property and avoid any tax on the gain. 

You will definitely learn a lot here - reading books and listening to podcasts, attending local meetups and conferences are all great ways to learn, gain advice, share thoughts and network!

Does the person have something to gain from their answer?

I think I’m more focused on long term gain, some short term cash flow is nice but I’m not planning to try and live on it or anything.

Hopefully, you have been able to gain more advice since then.