With the capital gains tax laws surrounding selling a primary residence you can make a profit and not worry about the taxes 3 years later.

Looking for advice on what I should do with my current home as I look for my next primary residence.

The primary challenge was managing a quick turnaround without renovations.

So they are often not desirable for a primary residence or even a long term rental. 

Remember your primary goal "To reach 8K/month Cash Flow ".  

I'm wondering what will the possible penalty to be if the property we purchased not as our primary residence by using VA or FHA loan after lender found out?

Home Owner's Insurance is usually for your primary residence.

Details below:-This would be our primary residence, not an investment property (but it does have optionality via an ADU setup)-The seller is interested in selling and relocating out of state in 2 years when they retire-We have a primary home (that has been a cashflowing rental) in the same town.

Liam,If you do not own a primary home buy a multifamily since you only need 3.5% down.

I am in the process of moving to Austin from Dallas but wanted to convert my existing primary into a LTR rental while managing the property remotely from Austin.