Hey BP community, I’m looking into a potential flip in New York, and would love some insight from experienced investors.

I think you’ll find it incredibly valuable and gain a lot of insights from it.Being on bigger pockets and listening to the rookie podcasts have been the most helpful for me. 

Ask lots of questions and you will receive great insight from professionals!

I'd sell because you are reaching the time when you lose the cap gains exemption and that $24K would take over 2 years of renting to get back.I had a condo that I owned for a long time and I sold it despite it being paid off and having long term tenants. 

Be sure to check out the free tools BP provides to help analyze deals you may have and also market insights.

It is my understanding that the new owner will have the house at the cost basis of my purchase price, for calculating capital gains taxes or depreciation.For gift tax purposes for you - FMV.For capital gain tax purposes for the recipient - your original basis/purchase price 

No Capital gains tax if I sell one day either. 

If I’m wrong we lose potential equity gains.

In that case, the GP, who was a cheating SOB, issued a K-1 allocating cap gains [§1231 gains] to my Client, who was a minority LP.  

If you lived there 3 of last 5 years consider the value of exemption on capital gains tax.