Also, I'm not sure how you're paying attention to it on the tax side, but the unit that you are living in's profit at sale is calculated differently than the other unit that you're renting out.Once you move out, that unit is officially available for rent so from that point forward, any profit gained at future sale will be calculated starting from that point and will be taxable.

You will probably need to stay for 2 years to avoid Capital Gains.

Nothing ventured, nothing gained!

In that case, the GP, who was a cheating SOB, issued a K-1 allocating cap gains [§1231 gains] to my Client, who was a minority LP.  

I was actually considering doing a shorter mortgage term to gain equity on the property faster.

Your father-in-law will want to minimize his tax liability on the capital gain and think about how the sale fits into his estate planning strategy.

Or do a househack and use the $250k 2year capital gain reduction.  

Quote from @Gordon Middleton: Quote from @Earl Gaines: Quote from @Gordon Middleton: Hi Andria, I'm underwriting a boutique hotel deal in the Berkshires NY right now.

It really depends on your comfort level and long-term goals, but even if you want to get into multifamily long-term, SFR may be the best option to gain some comfortability.

CPAs and EAs are more likely to gain experience and further study because consumers are more likely to go to them with complicated or specialized returns.