You can get capital gains tax treatment if you sell it after living in the house for 2 out of 5 years (READ: KEEP AN EXTRA $1000+ FOR EVERY $10,000 IN PROFIT).Make it nice (visit your neighbors that have nice looking houses), not over the top, and take care of the house while you're living in it.

I tried hard to buy in Biloxi/Gulfport for the go zone tax treatment.

Hi, Thanks a lot, yes-I am currently applying online with many companies, and have already worked with two companies doing BPO's-do you prospect these sources, is it ethical for us to send them something via mail??

Well ethically the agents best interest is with the seller.

My wife thought I was bad.Since you're not taking advantage of the favorable tax treatment for "flipping" your primary residence you'r paying a bit too much in taxes.

It does require a strong ambition level and work ethic, but it can pay very well.Actually one of my partners in my wholesaling company is married to a very conservative man who is not personally interested in real estate at all.

You have to rely on your work ethic more so in beating the streets and finding deals and not so much on your bank roll.

William,This transaction will not qualify for 1031 exchange treatment.

You have to learn not to react to this type of treatment.

The advice rendered is generally that your 1031 exchange has failed and will not qualify for tax deferred treatment; in short, it’s taxable.