Bill Clinton actually created this primary residence exemption that could only be exercised every two years.

Check YOURS.Definition:Real estate salesperson- means any individual who, for a compensation or valuable consideration, is employed either directly or indirectly by a real estate broker, or is an independent contractor in association with a real estate broker, to sell or offer to sell, buy or offer to buy, or list, or solicit for prospective purchasers, or who leases or offers to lease, or rents or offers to rent, or manages or offers to manage, any real estate, or the improvements thereon, for others as a whole or partial vocation; or who secures, receives, takes, or accepts, and sells or offers to sell, any option on real estate without the exercise by the individual of the option and for the purpose or as a means of evading the licensing requirements of this chapter.

@Justin Fox - you need to exercise caution with spraying {closed cell} foam directly on the underside of the roof deck as you can both prevent the roof deck from drying (insufficient ventilation) and cause condensation within the roof assembly itself ... leading to premature failure of the roof assembly.

I’d recommend taking the time to map out what your goals and dreams are and out of that exercise you can reverse engineer the best strategy.

Eating right and exercising.

With a Lease Option you still own it (until he exercises the option) so you get the tax write offs, the depreciation, the principal pay down and no capital gains until it's actually sold.

@Erin Dorsey Robinson Yep, I see this as an opportunity for investors to firm up their personal balance sheets, build up a war chest of capital to deploy, and exercise patience in the short term (waiting for market fundamentals to erode in the intermediate term, and for deals to become more attractive) and exercise aggression in the long term (capitalizing on weakness in the market as sellers' expectations are forced to adjust). 

In some cases, if you exercise the in-service distribution, you freeze your capacity for new contributions.Because the investment will be debt-financed, you may have exposure to tax on unrelated debt-financed income. 

Just as an exercise, run the numbers on a 4 plex.

This deal is already off the market but this was a good exercise.