(Lots of folks like to point out the tax deduction but ignore the fact that the only useful part of that deduction is the amount that exceeds what you'd otherwise be able to deduct.)You can (as of this writing) deduct the property taxes as well, but the recently proposed tax reform bills may affect the amount of both mortgage interest and property taxes you can deduct.

But saying my brothers friends sisters cousin is now wholesaling doesn’t do it for me.Tax reform, FED balance sheet, North Korea, rising rates will all affect this more than that.

If congress passes the proposed tax reform, section 121 exclusion will be bumped up to five out of the last eight years.

I would talk to your CPA about if you would qualify.Keep in mind though that the tax reform bill Congress is currently considering changes the timing requirements to 5 out of the past 8 years rather than 2 out of the past 5 years, so if that bill becomes law you may not qualify for the exclusion anyways.

Jordan Lewis tax reform.

That may give you enough capital for down payments on investment properties.3) If you have been living in the house for more than 2 years and owned it that entire time (and do this before the tax reform bill in Congress potentially becomes law), you can exclude up to $250,000 in gain from taxes ($500k if MFJ).

If you follow all the rules you will avoid any gain on the property you sold, remain invested in productive real estate, and receive the whatever tax benefits remain in owning a house after any tax reform is completed.This would entail many assumptions and an after tax cash flow analysis but I think the best and worse case scenarios would give you some comfort in making a decision. 

What in BiggerPockets opinion will the new tax law really do to real estate in Los Angeles County? And how will it effect New home buyers for multifamily properties and home buying and Sales in general ?

Judge Judy to head a commission on Tort Reform?  

Article courtesy of Bankrate.com Ten years after Bear Stearns, Congress reconsiders Dodd-Frankhttps://www.bankrate.com/banking/bank-reform-rollback-dodd-frank-ten-years-after-bear-stearns/What's everyone elses thoughts on the above article and possibility of changes?