Of course you have to meet the other requirements, timelines for identifying/completing the replacement property purchase, proper procedures with a QI, etc.Your conclusion about the mortgage above is incorrect.  

Numbers: Construction Lot purchase: $160,000Closing costs: $2,834Bank loan closing costs: $7,381Interest to bank: $11,000Interest to private investor: $12,387Construction cost: $447,383AirBnb furnishing: $25,000In conclusion, we used 100% of the bank loan and 100% of working capital, and I had to float some money on my credit cards.

Through our conversation she came to the conclusion that we would not qualify because I do not have long enough work history.

Depreciation reduces the basis, and so increases your gain on the sale.This is different than in another thread where RECPATAXMAN and I discussed this point, and came to the conclusion that the depreciation recapture applied only the accellerated portion.

It's still all a bit obscure to me, but my conclusion is that you can't buy HUD or Fannie Mae in the first look period if it's intended as a second home.

I have been researching real estate investing and have come to the conclusion that i want financial freedom for me and my family.

I looked into an LLC and came to the conclusion that it was more hassle than it's worth for myself, who is at the very start of the real estate game and yet to build an asset base worth sueing for!

I've spent the last few months reading through literally hundreds of threads on BP, and there's nothing I hate more than when one just dies without a conclusion.

See Sub 2 investing The conclusion is the buyer controls everything and the seller nothing.As I mentioned in that thread, NYS where I am passed the "Home Equity Theft Prevention Act" aimed at sub 2's practices in use as did the states of Washington and Oregon among others some years back.

The conclusions drawn will mean different things depending on where an investor is at in their investing career (starting vs. approaching retirement) and by area (coastal vs inland, by product type and size).