Consider the "2 of the last 5 year rule" to avoid capital gains. 

It also requires gaining a level of sophistication and knowledge that not everyone has the time, inclination or ability to do.

And, the longer you wait to act, the longer the squatter stays - and even gains some legal protections to stay while your waiting on a slow court system to act on an eviction. 

. ✌️ (and don’t forget to calculate short term capital gains tax - that’s why I prefer passive income over flipping)

Also Chip and Joann Gaines and put this town on the map with their show on TV.

I'm trying to learn and gain confidence for when I'm ready!

And if you convert it to a rental you’ll be facing a $200k taxable gain. 

*As a side note, I think maybe it would be fun also to try and identify where new technology or machine-learning driven approaches could increase efficiency in the spaceAs for my financial situation, personally, I have around 50k saved but 20k of it is tied up in assets I don't want to pay capital gains tax on.

It also requires gaining a level of sophistication and knowledge that not everyone has the time, inclination or ability to do.

Hey Account Closed - I highly suggest  using a renovation loan and house hacking a multi-family if that is possible with your current life circumstances.The 203k and homestyle renovation loans are just amazing products and drastically help you reduce your risk, in my opinion, because you are able to leverage the cost of the entire renovation with such a low down payment loan.We work with a lot of clients who use these products in Chicago, and no matter what, in the long term, they gain great equity.If you aren't able to house hack - the process is essentially the same, but just with more money down with hard money or conventional construction loan.