This was almost exclusively done from my desktop, although I went to site a few times, I could have probably gotten away with never having went.My biggest regret with this project …..

(adjust cost basis - net sale = net gain)Once you have that you can deduct state and federal taxes from that figure.It doesn't sound like it in this scenario, but if you have lived in the property for two out of the previous five years you could qualify for the 121 exclusion.

The full exclusion only applies if you OO, move out and do not move back.

Hi Justin, Since it looks like this property, as mentioned above, is exclusively an investment, what did you have in mind from a business plan standpoint?

Look for no window coverings, overgrown grass, mail or newspapers piled up, etc.

Since you've lived in the apartment since 2007, you likely won’t be hit with any capital gains taxes as long as your profit is under the IRS exclusion limit ($250k for single filers or $500k for married couples).

Would you be comfortable seeing your name in the newspaper headlines claiming you were cheating homeowners out of tens of thousands of dollars? 

Here, investors seek mansions on large, exclusive properties with direct access to private beaches.

I invest exclusively in NW Philadelphia, primarily Mount Airy (19119 zip) and have faired well in recent years.

I deal almost exclusively in commercial property, and in the few occasions I’ve done residential deals they’ve been with investors.