@Tony Velez It also depends on access to capital.

My name is Tony, and I work with the Biggerpockets Featured Agent Program!

My name is Tony, and I work with the Biggerpockets Featured Agent Program!

My name is Tony, and I work with the Biggerpockets Featured Agent Program!

My name is Tony, and I work with the Biggerpockets Featured Agent Program!

My name is Tony, and I work with the Biggerpockets Featured Agent Program!

@Tony Hayes §121 nonqualified use does not apply to the 5 year portion following the last date that the property is used as the principal residence of the taxpayer or taxpayer's spouse.If you were to move back in to the home bought in 1988, in order to qualify for the §121 exemption, live in it for two years and then sell, the Regs stipulate that you would have 8 years of nonqualified use (the period it was a rental preceding the 5 year period following the last date that the property was used as your principal residence after Jan 1st 2009).The use before Jan 1st 2009 is qualified.You will have to pro-rate the nonqualified period for capital gains tax.You might consider a §1031 exchange to defer the capital gains in addition to the §121 exemption.Hope this helps clear up your confusion!

Originally posted by @Tony Stephenson:Hello BP,Does anyone know or know where I could find something in writing saying that I need a business license to invest in real estate in the state of North Carolina?

My name is Tony, and I work with the Biggerpockets Featured Agent Program!

My name is Tony, and I work with the Biggerpockets Featured Agent Program!