@Rajesh T.You shouldn't be taxed twice on the sale of a rental property.Normally the sale of an investment property is two fold.Capital gains taxDepreciation recaptureDepending on your tax rate - capital gains tax rate is either 0%, 15% or 20%Depreciation recapture's tax rate is capped at 25%It is true that selling an investment property with a large gain can ultimately push your other income to a higher tax bracket.

I am looking to learn, network, and ultimately grow my real estate knowledge.

Ultimately, I would like to have a few rentals for passive income and possibly trying to flip. 

Real estate is also a game of survival and its more important you are in the game year in and year out than to get wiped out rather quickly.

Then when it comes to financing this is where you can increase your offer slightly if its owner financing because he can provide cheaper financing than a bank and he will ultimately make more because he is getting interest on a loan.When he asks "why do you get a profi"t you mention that you are taking on the risk of fixing up the property. 

Ultimately that decision is a personal one and I hope you do the decision justice by looking at it from both sides.Good luck.

@Hai Nguyen, I would check out the Bigger pockets Ultimate Beginners Guide under education- guides.

Obviously the ultimate goal is to have it in complete passive mode where I'm not even looking at maintenance items except for once a month.

@Slade Harrison curious what your ultimate move was, and how it worked out?

I started reading the pdf 'The Ultimate Beginners Guide