Since you are an active service member the IRS will allow you to have lived in the property for two out of the previous ten years of owning it. you'd just want to verify with your accountant that you qualify for these extensions.Since you converted the property to investment, you may also take advantage of doing a 1031 exchange when you sell.

Nickerson added “exchanging” real estate to upgrade to larger holdings without paying capital gains tax to his formula, and a number of other books were written about the subject in the next 10 years.  

I can't do a 1031 exchange since all the ones I am looking at after this are sub 200k purchase prices.

In exchange, the GPs will get more equity or potential upside per member (makes sense, they are taking on more personal liability and all the work). 

I have a 1031 exchange coming up soon that I can leverage into $900K+ for one or more properties.

A client can also close on a new property in less than 45 days so no long closing or pre construction risk. 1031 exchanges are easy to fulfill with our model. 

If I'm understanding this correctly it mainly makes sense if you either plan on holding the property or doing a 1031 exchange in the future?

It involves using Section 179 or bonus depreciation, and I would not DIY this project, as distinction between repairs and capital improvements is one of the most confusing areas of the tax law.And no, you do not need a cost segregation study to deduct these components of your rehab - if you have itemized invoices and receipts.Myth 8: for a valid 1031 exchange, I must exchange STR for another STRNo, you don't.

I explained to the seller that my offer contained a substitution of collateral clauses and I would be exchanging the note they held on the subject home with a note of similar principal and interest secured by a different property of greater appraised value.

If you are going to pay anyone to learn, you should ask someone who has experience in the market that you want to invest in to teach you in exchange for equity in the properties you will buy as a partnership.