Selling and dropping the equity into an index fund is a lower-maintenance option, but you’d be locking in your gains at a relatively stagnant point in the market.Given your low interest rate and the potential for rents to inch up, renting could be a reasonable play.

If we resided in a property for 20 months in the last 5 years, does the IRS consider a "partial" capital gains tax exemption?

You can still get units filled during November-March, it's just colder so traction seems slower with tenants - during those months, I personally think you have to be more competitive with what you're going to ask for in rent versus what's nearby that's available/better if not same condition. 3.

Additionally, I’ve deepened my understanding of real estate terminology and gained valuable insights into the critical aspects of properties, from structural components to factors to look out for. 

I'm excited to learn more, gain the education, and utilize the tools I need to succeed.

It appears I'll need a 1031 exchange to offset substantial capital gains. 

It’s clear that you’re taking the right steps by educating yourself and connecting with others in forums and groups.Keep leveraging the knowledge you’re gaining, and remember that patience and consistency are key.

Working with a reliable contractor was another smart move, making the rehab more manageable.Even though the profit wasn’t what you hoped for considering the time investment, you’ve gained valuable experience.

: If you’re planning to hold the property long-term, the repairs may not be as concerning since you’ll gain appreciation over time and benefit from consistent cash flow.

And if you lived out there and could self manage, maybe you're making 200/mo even.From a return standpoint, even at break even, you're gaining 8k a year in depreciation to offset against regular income so maybe 2k there.