hey - im also in fort lauderdale u can dm me if you need another set of eyes on that deal  - be very careful flipping in this market - check local data, dom etc so you dont get stuck on the market 

I am trying to find the most relevant information for our strategy to ensure we get the best joint tax deduction options against MY W2 income.Is the following strategy correct?

The fha 100 mile rule will be triggered whenever you try to vacate your current primary and also trying to use the rental income to qualify.However, this 100 mile rule can be exempted for the following rulesRelocationIncrease in family sizeVacating a joint owned propertyNon-occupying co-borrowerIf you are not trying to use FHA on your 2nd house hack, you can use conventional and the rules that I mentioned above will not be a concern and will be exempted.

For example, the “Home Sale Exclusion Gain” (IRS Section 121) lets you exclude up to $500,000 in profits if you are married filing jointly and $250,000 if you are single.The post originally appeared on the BiggerPockets blog.

-) Raf, Las Vegas Can u elaborate more on that?

If you have a  solid reserve and lose  a bit of money (like about 2000)  still it would be worth to get the experience and  network with first flip.. or first flip see if you can do a  joint venture with a successful and very experienced investor or flipper

Yes, as long as you're filing jointly, you can combine the time and activities both you and your wife spend managing the rentals to meet the material participation requirements.

Joint Ventures (JVs): Partner with other real estate developers, construction companies, or financial backers to co-develop projects.

I'm trying to confirm my understanding of a less straight forward capital gains scenario than the one-time purchase and sale most deals involve.Essentially 100% interest in a condo was acquired over time, as each joint tenant passed away, leaving 1 sole tenant who gained full ownership by rights of survivorship.I've gotten differing opinions from different professionals and am trying to understand the calculation of the basis and the final capital gains  tax that would be due myself so I can spot bad advice and understand deals.Assumptions:A condominiumNo depreciation has ever been taken by any owner.No 1031 exchange.No expenses or improvements.

Private lenders for sure and also joint ventures with other investors to pool money and  resources