As far as the home, if you have lived in it for at least 2 out of the previous 5 years you will be able to sell it and take the first $250K of profit tax free.

You receive all the profits - but are also responsible for any failures you may run into.

Wholesaling is just like any other business; it takes time to build systems and processes to run a profitable operation.

• Some are saying a condo isn't a bad purchase as well - it would require more patience but through appreciation I could net some profit or at the very least gain equity instead of paying rent.

Hello Everyone, Greatly appreciate any thoughts on the matter.We have a property in Big Bear, CA and it is making a small profit this year, but it is strictly an STR.

The property owner always loses while the arbiter has no skin in the game at all, just skimming profits off of the owner and can walk away any time they want without reprocussions. 

Profits aren't somehow ridiculously high, but our average cash on cash return is >23% across the portfolio.  

Do you prefer flipping for a quick profit, or do you take a more long-term approach with rentals?

Like with anywhere else: location, pricing and the overall house you intend to build will play a factor in your profits.

@Dani Beit-Or,Yes, since you're taking some profit (the primary exclusion) out that would reduce your reinvestment requirements by that much.the 1031 exchange will defer all of the remaining gain and the depreciation recapture.In your situation, you will have a total profit of around $1.5.