And cash-flow from real estate is taxed as ordinary income so anything I get, well, I pay ~45% to the government.

@Paul Schu I think if it shows up as ordinary dividends (vs qualified dividend), then it would be tax at tour tax bracket

However, if you owned the property free and clear or have crossed over the 15 year mark on a 30 year mortgage (the point where you pay more in principle than interest), then you are going to need to expand the number of years of profit.I rarely consider the tax implications since passive income is taxed lower than ordinary income and in most cases is not significant.  

Depreciation does not figure into your cap gains, as depreciation capture gets taxed separately as ordinary income, up to 25%.

I've never done a double-close (I just close on mine the ordinary way, then rehab them, then sell them and close the ordinary way again) - but it should be doable too.

An assignment will be something out of the ordinary.

Meaning that we won't pay "ordinary income" tax on the interest income?

@Justin Bautista most states, including Washington, do not allow you to deduct for ordinary use. 

Posting on mobile device is harder than I thought, sorry for the messy above post.I screen roommates harder than ordinary tenants.

It can be helpful if you have a great relationship with your neighbors so they may inform you of anything out of the ordinary going on.