Is this 1 flip where you're going to lose $20,000 and never touch real estate again? 

This means that any difference in price between purchase and sale is considered taking profit.  

considering this as an investment option and curious to experience/advice from anyone who has done this or is actively doing this?

It's clear the Sponsors are shifting income to itself, but it is very difficult to know how much or make heads or tails of this.

My grandfather, along with his twin brother, were home builders who transitioned into building and managing a significant multi-family portfolio, which remains family managed to this day.With my personal family background, as an agent I have largely engaged in the multifamily space working with legacy owners in the sale of their properties - from 6 unit, single building properties to 19+ unit, multi-building properties.

This is as goofy lot, especially since they let the front lot go.

This is how I found operators who were willing to speak with me to help me understand the industry.

But since you have already taken bonus depreciation while it was an LTR, this may not even be a concern for you.There're other potential complications such as a different depreciation schedule, treatment of previously suspended losses, and so on.

Hope this helps!

I thought most people do it this way.