If you lived there 2 of the previous 5 years any profits from a sale would be exempt from taxes up to $250k for a single person and $500k married filing jointly.

However, there are strategies and approaches you can explore to make this process smoother.If your PML is hesitant to fund directly for auction purchases due to the risks, consider structuring a partnership where the PML becomes a joint venture partner.

@John CarrA specialized tax professional can assist with tax deductions across multiple properties, including jointly owned houses in Illinois and Florida.

It's called "Investing in Real Estate Private Equity: An Insider’s Guide to Real Estate Partnerships, Funds, Joint Ventures & Crowdfunding".

I was fitting this into an awkward schedule.The Facebook group was welcoming and fun to lurk and read posts, getting a feel for the community.Contracts in the document library were great – but overwhelming (you’ll see this phrase a lot)This was a main value for me – hiring lawyers to write contracts without knowing potential pitfalls or where I could/could not protect myself was a major concern.These contracts are worth the price of admission and only available w/in community.These contracts cover Joint Ventures (JVs) between parties, Creative Deals and non-creative deals, WRAPs, RVs, Automobiles, Leas Options, Wholesale Assignments, Hybrid docs and more.I haven’t actually gone through all of them yet.Tens of Thousands of dollars have been spent refining these contracts and just having access to this library was worth the price.

The WORST solution is an unqualified attorney, because their mistakes makes whatever they come up with INFERIOR to an “off the shelf” solution.In between the two we have a good off the shelf product by a reputable vendor.  

Whether it's seller financing, hard money, or joint ventures, let’s share some ideas and experiences on what’s working best for different types of deals!

Investors/Partners: Build a network of partners for joint ventures, sharing risk, and increasing buying power.5.

This doesnt mean DSCRs are inferior products; theyre great for what theyre meant for, which is relatively cheap, permanent financing for real estate without having to jump through the hoops of a Conventional loan. 

@Lia Veit  Maybe Try joint venture for the first few flips with investors on this board whom you can meet at meetups and then you can have better idea of how REI works