I have a followup question - I will realize a lot of capital gain from this home in Idaho, so I think unless I purchase a new primary residence I will have to pay that capital gains tax. 

I have used HELOCs for probably most of the purchases of the properties I own. 

I just moved from McKinney, we were there about 7 years and enjoyed it

I want to be somewhere I will enjoy but also somewhere that’ll be a good investment for either short term rentals or long term rentals in the future. 

Quote from @Yash Shah: Hello everyone,I'm new to this group and would love to hear your thoughts on the pros and cons of purchasing a corporate or bank-owned home.

I have enjoyed it so far- it has helped us improve our email automations, lead magnets, and my investor on-boarding process.

Most commercial lenders do not require any seasoning for that entity which means that you can create an LLC and use that entity to purchase the property immediately as long as you have the proper documents.

You do have to purchase at least as much real estate as your net sale if you want to defer all tax.TICS are generally cash deals. 

As long as you purchase at least as much as your net sale. 

If you do decide to start flipping homes- as a new investor you can either self finance with all cash, or you can contact a commercial lender like myself and expect terms to be 75-80% of the purchase price with 100% of the rehab financed through a draw.