For the son to qualify for the $250k exclusion, I believe he would most likely need to meet the ownership and use test, meaning he needs to own and live in the home as his primary residence for at least two of the last five years before the sale.

I understand that the price is what someone is willing to pay. 8 Years ago these numbers worked, but today, I have reason to believe these numbers do not work anymore.

This is almost an exact match to how I'm investing.This strategy isn't talked about on BP forums as it goes against what many investors believe when it comes to good markets.

I I believe that real estate investing is a wise way to create long-term wealth for the family and my husband agrees.

I believe buildings with five or more units are classified as multi-family properties.

And believe me, you want to wait for the good one because the bad ones will trash your place. 

I know federally backed loans are required to give 30 days notice but I believe that because it is a triplex and the other two units aren't owner occupied it allows me to do a 3 day notice. 

Thanks, 1st post, I cant believe I haven't used more BP in my investing career thus far, so much valuable info! 

All this is to say, I believe it would be money well spent for sure... 

@Brad Kanouse,I believe this is a duplicate of this post:https://www.biggerpockets.com/forums/311/topics/1210256-usin...But regardless, here is my answer:If you take a distribution from an IRA - it will be subject to taxes and penalties.You can convert your IRA into a "Self-directed IRA" and have the IRA buy the property, in this case you are not the owner, the IRA is.