Then the couple has another baby.

Check with the IRS and see if outgrowing a 1 bedroom condo with a new baby & other child can exempt the gain in less than 2 years if you need to move.

I would have moved in right away to live in while we fixed it up (decent condition paint, flooring) but we have a baby and we got a homestyle mortgage rehab loan and are spending 70k putting in solid hardwood floors throughout (was carpet or vinyl sheets), painting grey (was yellow/beige), new hvac system, (furnace worked but ac needed repair, both systems 15 years old), new hot water heater, new trendy white kitchen (15k with granite) with wood look tile, new electrical panel, etc.

Maybe they put a tire swing in that tree in the front yard for their first grand baby. 

Your ability to run the numbers and find a great deal should be unquestionable.

Things can change - life circumstances, baby, new job, etc. that can make an exception to the rule.

This is essentially the process that you must follow when you acquire shares of a “baby” REIT, meaning a REIT with only one asset.

We sold it two years and one baby later to start our next adventure in another live in flip!

Population growing, jobs abound, and baby boomers flocking here to retire.  

Hello,I'm a fairly new investor.I recently formed a baby LLC.