P.S; We live in Wilmington NC so both markets would be "long distance" P.S.P.S there are no reasonably priced multi family properties local to us.

In Florida where I live that amount is the first $50,000 for a married couple are exempt.So to put all that into action, let's say the previous owner paid $100,000 for the property 20 years ago and lived in the property.  

That Profit number needs to be above our minimum threshold (which is large enough to handle any rehab oh $hits).I live in Phoenix but invest out of state.

Living in one unit and renting out the others allows you to deduct 75% of expenses like mortgage interest, property taxes, insurance, and shared repairs as rental expenses, while the remaining 25% applies to personal use.

I've done three flips in Denver, where I live.  

Not tracking.You're going to live in one of the units? 

Quote from @Jay Hinrichs: Quote from @Engelo Rumora: @David KanarekI don't think I have ever seen better investigative research than this.Hat's off to you and sorry for your troubles and everyone else's.Please don't investigate me haha Engelo as someone that has taken this kind of abuse on BP and SM  and lived to fight another day I think you understand better than most investors mind set and how they feel or attack if their deal does not go right.  

I enjoy helping Bigger Pockets members save time and money.Thanks Jay, I may get in touch!

I agree with Nathan-you may have gotten rid of most of the mold (which will grow back quickly if any is left), but there is somehow moisture coming in that is allowing it to live. 

I live in Ocala and have never heard of this company, but that doesn't mean anything since I prefer to buy already built properties and rehab them.