Either way, after 8 years of working together, he still needed oversight on each project, and still turned bad on me.Even for a simple project, and with everything outlined, things will come up or be missed that need to be caught quickly.

Two years or two tax returns stems from the period outlined in the safe harbor or rev proc 2008-16 and referred to in a couple case rulings as two years, two calendar years, and two tax years (appropriate times not recommended or required times). 

Outline where you want to be in five years.

You have outlined simple steps for young individuals to set themselves up for their first purchase of an investment property. 

I have a lender that I work with who's an investor herself and incredible at creating strategies to move forward on your next purchases (she helped us devise our strategy outlined above).

They will point you to the specific statute that outlines what you can and cannot do and at what scale.

Congrats on taking the first step and outlining your goals.

But five years of living and breathing design has taught me so much- including many things I use all the time as a designer and project manager.That's the bulk of my experience outlined; I have for a long time known that property management and investing is the direction I wanted to take my career, and all these years I keep swinging back to residential management and wealth building, reminding myself again and again that it is right up my alley to pursue (and I'm not getting any younger).Now, having been laid off on NYE, it seemed appropriate to take this time to build my business.I don't have any savings to bring to the table (one of the problems with the last job was low pay for the level of work I was completing). 

     I am trying to understand the mechanics/math behind a CMBS loan assumption and the cash/equity needed from a buyer who would acquire the property and assume the loan.Example parameters below:Original Loan Balance: $7.5MCurrent Balance: $7.0MAcquisition price: $9MRemaining loan term: 80 months Also any website/articles outlining the loan assumption process would be appreciated. 

Read these links (hope they work) and of course, consult your tax professional.Two blogs that talk about this situation.https://blog.militarybyowner.com/important-tax-matters-for-military-families-when-selling-or-renting-a-homehttps://blog.militarybyowner.com/the-effect-of-capital-gain-tax-exclusions-on-military-home-sellersIRS Topic 701 - The Sale of Your Homehttps://www.irs.gov/taxtopics/tc701IRS - Publication 523 (2018), Selling Your Home - which outlines the exclusions.https://www.irs.gov/publications/p523#en_US_2018_publink100073089