Homeowners who sell their primary residence must pay taxes on profits exceeding $250,000 (or $500,000 for married couples).

It helps being willing to talk to sellers/get on the phone and talk to folks in the real estate space in general but the most important thing in my opinion is being an honest and true person.

I have my eye on a large single-family residence in Bethlehem, PA, but I have yet to acquire financing.

. :)This is especially true if you rely on furnishedfinder.com as your primary lead source (which you shouldn't, but that's another post) as when you make that connection with a prospective resident, you are selling yourself as a landlord as much as you are the property as a place to live.

@Kris TohovitisI wouldn't recommend using your cash to pay off the mortgage on your primary residence since you can likely get a better return on that money by investing it.What's your buying criteria for the multi-family property?

Or you can sell it, split the equity, and go separate ways.I'm not a fan of borrowing from family/friends unless all parties are honest and everything is documented in a written contract.

. - Fortunately, our transparent systems allowed the owner to catch it:)- Full transparency - we would have never caught this honest mistake:(An owner also needs to be involved to approve & fund large expenses: maintenance, property tax & insurance payments (if they want to be more hands off), evictions, etc.A great PMC should also have a chat with you annually about your future plans for a property and your portfolio. 

Just be sure to clarify that she isn’t a leaseholder but is authorized to reside in the unit.If you’re concerned about liability or want more peace of mind, you could ask the primary applicant for additional security, such as a higher deposit, depending on what’s allowed under Colorado law. 

my condolences on your recent lost.there are a few ways you can do this, as mentioned above you can take a heloc on your primary residence which will give you a second mortgage, first mortgage payment wont be impacted. you can do cash out refinance which will give you one mortgage and payment. it will pay the old mortgage and give you money in your pocket to pay for the rehab.or you can do a renovation refinance which is similar to cash out refinance but we would contractor involved  as part of the refinancing and they are paid through the loan

I'd honestly like both and it's been difficult to determine which I should focus on.