A $1M ARV would have to produce a minimum $100k to $120k.

I'm curious to try them out for at least one owner occupied client transaction to see how they work at transferring the loan, forms they file, required contract wording, etc. 

Start putting all your files in a easy to reach place.

Keep in mind, the accountant who files your taxes may not be the same accountant who advises you on wealth building strategies & thats OK. 

What I mean is, it looks like as a married couple filing jointly we pay $0 in cap gains on first $94k, so could we use a strategy to pull out $94k in cap gains then 1031 the rest?

(full disclosure-I knew the guy, or know him, he's not dead just gone from the auctions and haven't talked to him in a few years, but he was always nice to me and I don't have a clue as to the validity of the federal charges against him, but he always treated me decently and I've got nothing bad to say about him and I know other landlords who've been demonized and slurred as slumlords when I think they simply bit off more than they can chew, while other real slumlords seem to operate for years, as long as they don't get too big) He used to kind of dominate those auctions and maybe that was a good thing, as I'm sure there's a whole cast of characters who've filed that void.Thing is, ANY property under $100k, maybe even under $150k or $200k will certainly have multiple bidders, there are a LOT of people like me when I'm looking, who have the subscription to the sheriff's sales info reports from the Daily Reporter ($600/year and you get the results emailed to you in an Excel spreadsheet on Tues, next weeks auctions emailed on Thurs) and another good indicator is I'm on an email list for one of the firms (actually out of Chicago) which handles a tiny, tiny fraction of the cases and I've looked at the "cc list" or whatever you'd call it if ALL the addresses that email is sent to and there are HUNDREDS of them on there and this is for I think Johnson Blumberg, who many weeks don't even have any cases in MKE or Waukesha Cty.

There is no cancellation of mtg filed, no sat filed, so how do you proceed with something like this?

In my shoes I would want the stability of the cash flow and look to leverage as a long term rental through a PM.Some folks want to cash out and reinvest the new found equity in a higher producing asset. 

Before that it was primary residence since January 2019.Do I need to sell it this October to avoid capital gains tax to qualify for 2 of last 5 years exemption for capital gains (up to 250K single, 500K married filing jointly)?

However, water stays with the house- meaning if the tenant's have a balance when they move out, they can open a new account somewhere else with no problem and the owner is stuck paying the bill or getting a lien filed against the property.