Each time you reuse it, you get additional profits...which, as they accumulate, you can either start buying cash flow properties with the profits (only...don't touch that initial cash you're using for flip seed money), or you can use it to expand your "base of flips".  

Just over 2 weeks ago I had an accumulated debt of over 18 grand.

As a result I accumulated a fairly extensive body of knowledge about the process from default to the auction.Foreclosures are governed by the state of Texas laws. 

My goal is to accumulate enough properties to gain financial freedom and allow my wife and I to travel. 

Hopefully I will accumulate enough knowledge in the next couple of months that I can pay it forward to another newbie sometime soon.S

If you decide to stay and not pay, it will just accumulate until the courts do open and you are evicted.

Any accumulated passive allowed losses (PAL) for that property are "released" from SchE onto your 1040. 

Real estate is the best method for the average person to accumulate wealth!

The real battle is accumulating the $100K with which to make this choice, so great work!

The question that needs to be answered is does the step-up in basis apply when they transfer their partnership interests to the daughters, which would eliminate the old gain and any new gains that have been accumulating since the exchange completed.  6.