Being nearby allows you to stay hands-on—you can see, touch, and fully immerse yourself in the process.There’s a lot to learn, not just about managing rentals but also about overseeing property management companies.Handling tenants and maintenance can feel overwhelming at times, but starting with a property close to home gives you the opportunity to gain valuable experience.

If you paid under $230k, you’d save $30k in federal capital gains taxes and maybe another $15k or more in state income taxes.

And if you join Lowe's Pros, you'll get an additional discount (it's free to join).

I know this is a very old thread but if anyone comes across it I wanted to add some additional thoughts that might be helpful.

if you have lived in the property for 2 out of the least 5 years you will not pay taxes on the gain, so if you want to sell make sure you do it soon enough to take advantage of that tax advantage.  

Additionally, it's easy for a house on one lease to get absolutely trashed by the renter.

Having a team you can count on makes all the difference, especially when investing remotely.If you’re open to it, I’d love to connect and share some insights on why Memphis might be a great addition to your investment strategy.

This is only a guess, take it with a gain of salt. 

Plus new folks do a very poor job of screening the buyer for Ability To Repay (ATR) which involves pulling full doc and calculating the borrowers DTI, honest income, honest debt payments, prior debt payment histor (FICO) etc etc.Plus shockingly (or shocking to sellers) if you bought this investment house, fixed it, then are selling with financing you are selling "inventory" and y9ou owe taxes on the gain in the year of sale, you are NOT able to use installment sale to spread out paying taxes. 

Hey David, I just started in the flipping market and am trying to better understand the process of getting started while gaining more knowledge.