I also want to learn about purchasing properties with tax liens / bankruptcies / foreclosures.1.

The key is that in order to completely defer all tax you must purchase at least as much as your net sale. 

I would also share pros and cons of paying taxes on the windfall versus owner carry.

Avoid it until you get the investor ball rolling.  

Just have a few questions before we get to deep into the process:What are some common mistakes that can easily be avoided?

(As AZ and your current state will fight over who gets to tax your gains with the federal government.)I have to throw most of the shade on your horrible tax guy/cpa who didn’t tell you renting it out was a $50-$100k mistake. 

Any recommendations on areas to avoid or be careful given high crime rates around Downtown and East Cleveland?

For example we pay our own income taxes, broker splits and all of our other expenses directly out of what we make including required E&O insurance, MLS dues, licensing fees, Board of Realtor dues, continuing education costs, marketing, advertising, office fees/rent, transaction coordinator/ assistant fees, health insurance, car insurance and maintenance, gas, tires, software, retirement fund, etc.We are not W2 employees with payroll taxes already taken out of our paychecks, company-paid health insurance and matching retirement account plus a guarantee of at least 40 hours paid work per week, sick pay, paid vacation… none of that.So if you’re thinking you’ll be able to pay an hourly wage typical of a W2 hourly employee like $50-85/hr… that’s definitely not going to work.

If a home is titled in a trust (or an LLC), the trust or LLC should be added as an additional insured to avoid potential disputes during a claim.To confirm, we reached out to an insurance carrier, who clarified:“A carrier can potentially deny a claim if the home is titled in a trust or LLC but the insurance policy is under the individual homeowner's name.

@Nicole GrazianoI recommend that you have a consultation with a real estate tax accountant regarding your taxes.Bigger Pockets is a great place to find a real estate tax accountant.