If you are doing a 1031 exchange, you are exchanging one investment property for another investment property so you technically would not able to use it whenever you want because it would not be an investment property then and you may get hit with the capital gains.  

Best advice I can give as a new investor is to go to networking events and try to meet like-minded investors to keep gaining knowledge on the industry/market!

As I gained more knowledge and experience, I understood that everything is negotiable in real estate investment, and it starts with evaluating the properties and the underwriting templates.Understanding lender underwriting and income restrictions is crucial for success.

. - Confidence in our ability to produce a quality product and improve our systems - Trust gained in the hard-money lending community - Excitement for future projects!

Your gain is sales price less sales expenses less adjusted basis.Your adjusted basis is purchase price plus improvements less depreciation.Also factor in any passive loss carryforwards when calculating your gain.Your CPA should be able to discuss with you what tax implications would be upon sale.

After several years investing as an accredited investor, I’m moving to building my own portfolio of SFH and small multi-family that I control and add tax and passive income benefits for additional investing.

Capital Gains Tax: If you sell a property for more than you paid for it, you may owe capital gains tax.

You will owe 15% federal capital gains on your net profit.

You will create a taxable event that costs you 15% of your profit, plus don’t forget the 3% surcharge on capital gains over $200,000.  

I was going to make a detailed post on it, but honestly too busy with live and doing passive deals to be bothered.