Take the $250,000 primary residence exclusion every two years .  

Quote from @Jabs Carter: Yes, I am a Texas resident but I invest out of state.

Be sure to do a thorough credit and background check, as well as a residence and employment verification. 

Reside in Charlestown WV (D.M.V.), but my existing LLCs is based in VA and IL.

Residences and cars are not purchased in individuals names.  

MLS has it as a single family residence, 3 bedroom, 1.5 baths (actually has 2.5 baths), approx 1500+ sqft, 9k+ lot size, 2 car garage, back yard. 

This will be a 1,600 square foot residence, 40 x 40. 

Investment Info:Single-family residence fix & flip investment.

If the local market is healthy and rental income will be adequately managed by a property manager, then a long term residence could be used to build equity.

Only trick to this would be if you do not own your current primary residence and you do not have a current housing payment, then no rental income from either the upcoming subject property or investment property can be utilized towards qualifying.