Other beneficial tax strategies would be a cost segregation study and bonus depreciation which would allow you to accelerate your depreciation and not have it set at 27.5 years. 

Study what needs to be done to learn everything you need to know about the rehab process, vetting contractors, managing debt, vetting tenants, taking rent.

Congrats - at the end of the day, learning all those lessons really require jumping in and "doing" and making the actual mistakes - no shortcuts and way to "learn" these by studying endlessly without making the leap

I would study the market and play with other ways to generate income aside from long term rental before selling something like that.Good luck!

I sent a letter to find this apartment complex.
The owner called me a few days after receiving.
We closed 3 months later.
Here’s an overview of the deal 👇
// 16 year owner
// 100% classic units
// 33 units i...

Continue studying along the road while exercising patience and persistence.

Cost segregation studies can offer real estate investors massive tax benefits.

@Andrew Postell and @David M. ok gentlemen here is my takeaway from this is 1) I need to study tax code a lot and 2) the only way to mitigate his capital gains tax is probably going to look something like talking him into a master lease and paying him a monthly fee until the capital gains tax is paid for up to a previously agreed upon percent.

More specifically are there any specific websites or resources out there to study rental markets?

At what scale does it make sense to start exploring a cost segregation study?