My jack of all trades gets $25.

There are some teeth to HICPA since it works in tandem with the Unfair Trade Practices and Consumer Protection Law ("UTPCPL").

Flipping is more than likely to be considered trade or business.2) Rentals: Rentals are not considered trade or business for this purpose, so initial inventory costs cannot be deducted as travel expenses.

To defer all of your gain, you'll want to trade up in value, replace all the debt (meaning new properties have at least $350,700 of debt), and not take any cash from the exchange (this is boot which = taxable gain).As for replacement property, it just has to be real property - meaning it can be commercial, STR, land, etc!

NAR has affiliates they partner with to sell everything under the sun to new agents at trade shows.

If multifamily properties in your area are priced well, it might be worth moving forward sooner rather than later.Risk Tolerance: Since you’re the sole provider, it’s crucial to ensure you have a solid emergency fund to cover unforeseen expenses, especially during vacancies or repairs.Long-Term Goals: Think about how this investment fits into your long-term financial goals.

I think I was having a hard time seeing the value of turnkey properties because of my personality style with regards to investing and wanting to trade up quickly.

It will begin as an emergency order and inevitably become permanent. 

But I wouldn’t trade the experience for anything in the world.

If you don't have money set aside for emergencies then you should tread carefully.