So if I understand this correctly, by qualifying to extend the 5 year rule to 10 yrs, $250k if single or $500k if married of proceeds from this sale would be exempt from capital gains? 

If your reading some "How To" that came out between '2010' and '2020', that's some good fire starter, and that's about it's value in this market cycle and odd's are the market cycle of the next decade or two. 

The information contained in this post is not to be relied upon.

@Brian Fisher It sounds like this was a frozen pipe and not a pump issue. 

This aligns with my interest in passive income.I realize I am not cut out for the entire REI process of consistently finding multiple properties for particular exit strategies.

Quote from @Obed Calixte: Did I read that right....  1/10th acre?? 

Instead I want to take advantage of the opportunity I have of living rent free to invest my time and money in STR's to hopefully build that portfolio up and eventually make that my main source of income (I understand that will take time).

One attendee said:"I thought I knew how to find deals until this challenge showed me what I was missing.

Also look back on their application and see if you missed any 'red flags" so this can be a valuable learning experience for you.

One of the reasons I joined BP this month is to participate in a weekly connect just like this, as I know how powerful they can be.