You would get the full primary residence exclusion (up to $250K of profit if single or $500K if married). 

All money spend after the sale of the property should be posted to Profit & Loss.And yes on the day of the sale you transfer the pruchase price, loan cost, settlement cost, imporvements to Profit & Loss. 

The BRRRR method can be a profitable investment strategy but it's essential to approach it with caution. 

Since this was your primary residence 2 of the last 5 years you would be exempt from taxes on a sale up to $250k in profit ($500k if married filing jointly).

Is it possible to significantly lower the price and still make a decent profit on it?

As Brian has often said, distributions are made from the profit of an operating business - if there isn't any profit, there should not be distributions. 

I'm an organizer for the real estate investors meetup group in this area. https://www.meetup.com/north-country-real-estate-investing-c...

Next they're going to try to get their profits back.The biggest issue is the carriers leaving markets.

Business lines of credit in my experience will often be high doc, so you need to have your articles of organization, the EIN number from the IRS, any other mbr/managers may have to be signatory to the debt (vs non-PG), and depending on the bank, they often want to see business tax returns. 

Are these areas profitable?