• Some are saying a condo isn't a bad purchase as well - it would require more patience but through appreciation I could net some profit or at the very least gain equity instead of paying rent.

I was able to build a small team, but have struggled to see profitable gain in my situation.Cool to hear you actually went over and introduced yourself to boots on the ground in that market.

I have 6 more years of working for the same non-profit before I can get the loans forgiven, but in the meantime I cannot buy even a really cheap house through any means I've tried.

Profits aren't somehow ridiculously high, but our average cash on cash return is >23% across the portfolio.  

It was obvious he valued the upfront fee more than the potential of a real partnership where we could collectively earn substantial profits (hundreds of thousands of dollars vs 10k) in a matter of weeks.

The property owner always loses while the arbiter has no skin in the game at all, just skimming profits off of the owner and can walk away any time they want without reprocussions. 

Do you prefer flipping for a quick profit, or do you take a more long-term approach with rentals?

Like with anywhere else: location, pricing and the overall house you intend to build will play a factor in your profits.

@Dani Beit-Or,Yes, since you're taking some profit (the primary exclusion) out that would reduce your reinvestment requirements by that much.the 1031 exchange will defer all of the remaining gain and the depreciation recapture.In your situation, you will have a total profit of around $1.5. 

Subtract depreciation, explained here:https://www.biggerpockets.com/forums/51/topics/1121063-expla...Because of Step 2, depreciation, many cash-flowing rentals end up showing $0 net profit, resulting in no tax increase and sometimes in tax decrease.