If we resided in a property for 20 months in the last 5 years, does the IRS consider a "partial" capital gains tax exemption?

It appears I'll need a 1031 exchange to offset substantial capital gains. 

I'm excited to learn more, gain the education, and utilize the tools I need to succeed.

Upstate New York and Florida have both caught my attention, but I’m uncertain which market aligns better with my long-term goal of building a portfolio of multifamily properties, specifically quadruplexes.

It’s clear that you’re taking the right steps by educating yourself and connecting with others in forums and groups.Keep leveraging the knowledge you’re gaining, and remember that patience and consistency are key.

The thing you need to pay attention to here is how many days following the termination of this agreement are you responsible to pay that first agent.

And if you lived out there and could self manage, maybe you're making 200/mo even.From a return standpoint, even at break even, you're gaining 8k a year in depreciation to offset against regular income so maybe 2k there. 

: If you’re planning to hold the property long-term, the repairs may not be as concerning since you’ll gain appreciation over time and benefit from consistent cash flow.

Working with a reliable contractor was another smart move, making the rehab more manageable.Even though the profit wasn’t what you hoped for considering the time investment, you’ve gained valuable experience.

It's also seen some stellar price appreciation with the median price doubling in the last 5 years.I own 12-doors there myself and live in California.Travis, if you don’t mind me asking, what brought your attention to the Detroit area?