Real Estate or ART or Jewelry or your kids baseball card collection.The principles apply to whatever you are buying. 

(5 upvotes)Five people think this is such good advice? 

Everything he teaches about personal finances (budgeting, car loans, credit cards, etc.) is spot on.

As an out of state investor, Birmingham has proven far and away my most difficult city to rent remotely (it's one of five cities in which I have rental properties), mostly because of terrible property managers.

Since you have lived in the property for two out of the previous five years you could take the first $500k of the gain tax free (as a married couple).

Who knows, maybe there is a state that can parallel the great weather in California, the five-star restaurants in Napa Valley, the geographical diversity, the rich ethnic influences, the skiing and surfing all in the same day and somehow, have no homeless people.

(PS I'm sure you experienced folks have your contractors in line already but it never hurts to add another trusted one to the phone book, I'd love to send over our business cards and talk about how we could be of assistance to your team) Again thank you all for the help - Brennan 

With the house of cards-like strategy with Tardus, it won't take much for it to come crumbling down. 

If you move into a property acquired through a 1031 exchange and make it your primary residence, you may qualify for the capital gains exclusion under Section 121 (up to $250K single/$500K married) if you live in the property for at least two of the last five years before selling.However, gains attributable to the time it was a rental property remain taxable (non-qualified use), and depreciation claimed during the rental period must be recaptured at a 25% tax rate.

@Roy LoganIt sounds like you’ve made some great moves in real estate investing—your BRRR strategy is paying off with those solid returns.At the bare minimum, you should do the following to make your bookkeeping easier:Dedicate one checking account and credit card exclusively to real estate.