I love reading success stories here and you had a great strategy of fixing up a property you were familiar with to create incredible gains.

You do need to consider multi-state taxation and passive activity losses when doing this.

Make sure your accountant knows you lived in it for 2 years of the last 5 to avoid that cap gains tax.

I spoke to a lawyer who says I need to move my passive investment homes to a Java fa llc and each home should go into a land trust.

I appreciate that, I definitely need to gain more understanding on the management side as well.

If you aren't looking to invest that kind of time, then perhaps you can still benefit with the leveraged returns you receive through real estate investment as a passive investor that can be tax advantaged, but the related losses won't be able to offset W-2 / Pension / Retirement Distribution / Roth Conversions / Etc.Another consideration - do your kids have an interest in real estate? 

The goal is to make passive income and build generational wealth.

Since your passive income currently covers your living expenses, there are a few extra layers you want to be sure you have someone with the analytical experience to guide you to the proper approach.

(If you sell and don't 1031 the property, then you'd have capital gains taxes too if held for over a year, personal income taxes if under a year.)Property taxes should be looked at as an operating expense.

Before it was a job where as now I am focused on passive income.Excited to learn and connect with you all!