On the other hand if you buy a property to be a rental and then after 366 days of living in the house your tenant makes you killer offer to buy the house...you'd be allowed to claim capital gains rather than income because you're not in the primary business of flipping nor was it the intent for that property.Hopefully a CPA can weigh in here and provide a more specific and detailed response on this. 

Capex items can be a killer in the land of the $30k property.

We had a great system set up with a killer real estate agent, awesome GC that never did us wrong, and we knew how to pick, design, and finish out a house in distress.Six years later we have closed our restaurant, lost most of the capital we had accumulated and went our separate ways.

This is a killer and I can't find anything even acknowledging the state tax bite, much less how to minimize (if even possible)2) If I want to roll a portion of the proceeds into a new personal residence, must I pay full cap gains on those proceeds then invest as fresh cash?

Evictions and turnover are #1 profit killers. 

I did have to wait a few weeks for them to sign one of the addendumsHere in Vegas, the banks will generally take in a bunch of offers and then say:"we have multiple offers.. we will accept best and highest offer" I was offering under list at first but I wasnt even getting a response.The banks also have you sign a "waiver of NRS Chapter 133 rights" (they cant legally force you to sign it but it is a deal killer if you dont).. pretty much says you understand the property is being purchased "as is."

Check it out:14 Killer Questions to Ask Your ContractorDoes that help?

You can still do well in business and provide a great service by giving more fair prices people may call you nuts for not making the killer bucks you were but at least you will feel better and ease your mind by giving higher prices on these deals yea it cuts your profit margins but I guess thats the balance between doing for others and doing for yourself or doing for both equally. 

Just so that the reno isnt to killer.

I just googled "what causes my water to smell like sulfur" and had a "water heater odor killer" pop up.