Like you, I’m diving into books and podcasts, but I also believe there’s immense value in learning alongside others and gaining hands-on experience.I’m in the process of connecting with like-minded individuals to create a community of new investors who are eager to learn, share knowledge, and even collaborate on deals.

As you gain some experience, your value proposition to others increases, which will then make it easier to raise money for your own deals.

Be mindful of short-term capital gains tax, as profits from flips held for less than a year are taxed as ordinary income, and frequent flipping may result in self-employment taxes.While profits from flips do not qualify for 1031 exchanges (since flips are considered inventory, not investment properties), you can minimize your tax burden by deducting allowable expenses like renovation costs, loan interest, and holding expenses.If you're considering diversifying into rentals, explore opportunities to benefit from long-term tax advantages such as depreciation and lower long-term capital gains rates.

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!

Real estate transactions, especially flips, come with specific tax implications such as the potential for dealer classification, short-term capital gains, and cost allocation for renovations, which can significantly impact your tax liability.

@Fulati PaerhatiA 1031 exchange is a powerful strategy to defer capital gains taxes and grow your rental portfolio.

Having before & after pictures is a string tool when dealing with HMLs and real estate agents to gain business. 

I’d fix it up and list it to sell after I’d been there two years to take the gain tax free.

You didn’t mention the property or deal specifics, but for many deals in the recent years, there have been amazing and unusual gains due to multiple unnatural circumstances.

Even then, the IRS may scrutinize the transaction if it appears the intent was to immediately convert the property into a personal residence.Additionally, if you eventually sell the property after converting it to a primary residence, you may qualify for partial benefits under the Section 121 exclusion for primary residence gains.