@Jason Wray Thank you very much for this response ..I’ve never sold one of my rentals before feels like I’m cutting off a leg and paying close to 100k for cap gains is really starting to eat at me 😵‍💫Any chance you would be so kind as to send me a link to something in the ballpark of what you’re suggesting this way I can get an idea of area and what this type of property could look like!

Visit the property and learn about various renovation stages, gain insights from our experienced investors / speaker, and learn strategies for evaluating deals, managing budgets, and maximizing ROI.What to expect:Property walkthroughsReview before photos and discuss transformation plansDive into real deal numbers—costs, profits, and challengesNetworking with industry prosOpen Q&A session to ask anything about the process

Even if you defer your tax liability by 5 years, you can double your net gains after you pay taxes when disposing an asset (cap gains and depreciation recapture).

If not, it's important (although not absolutely necessary) to have experience to gain their trust. 

So your capital gain when you sell this property will be calculate against your tax basis and not against your mortgage as many investors expect.

You’ve gained valuable experience from your first duplex and are now approaching real estate with a strategic mindset

They also are thinking of getting a different PM to manage it after they can gain back control but would like advice on doing so.

The more experience earned, you gain insight into comparables, learn neighborhoods, get better and better in determining a real deal from a stinker.Sounds like you earned a little break now!

But once they give it to you, you inherit their cost basis and have a taxable gain.

If anything, at least wait a year so you don't pay short-term capital gains on the sale of the property.I need to find some more deals like that here in Chicago...where in Houston was this property?