This way, you benefit from both the immediate gains of flipping and the long-term advantages of rental properties, like tax benefits and appreciation.

If you had sold it a year ago, you could have taken the homestead deduction and paid zero capital gains on the increase in value.  

Are you looking to work closely with said partner to gain experience and know-how?  

.🙌  make connections with other Airbnb strategy investors and gain the confidence to BRRR my first property with no previous construction experience 😅🤝  make a great connection with someone who is an expert in BRRR method 

This will allow you to gain valuable experience without overwhelming yourself.Understand the Market: Take the time to research the Houston market thoroughly.

This adds to our bottom lineThe environment gains - and by extension, ALL OF US - since waste & excess literally drop off of a cliff.

It will not offset capital gains, rather offset the ordinary income.

Long term capital gain isn't bad. 

It wasn’t a huge payday—$5,000—but what I gained from the experience was far more valuable than the check.It started when I got a lead from an older woman who owned a house in New Hampshire but lived in Maine.

This means the portion of the gain from that time is not eligible for the exclusion and will be taxed.