I own a profitable property for my first purchase.

I would keep your house even if its a a bit negative as you won't be able to sell for much profit or any.

Consult a CPA or real estate attorney to understand tax implications, build a reserve fund for unexpected costs, and research local regulations to ensure a smooth and profitable transition into rental property ownership.Good luck!

What would you do in my shoes  If you are talking about $90k profit before transfers in Cumberland...without question id sell it instead of holding it. 

Personal Financial Statement Borrower’s Schedule of Real Estate – or- Resume illustrating experience2-3yrs Personal & Property Tax Returns – All schedulesPrevious Year and YTD Property Profit & Loss statement w/ detailed expensesRent Roll w/ detailed lease informationCopies of all Leases3mo.

Flipping houses is a great way to create huge profits, raise private money and create marketing content around your remodels (the reason HGTV is HGTV).

Thats a great profit for a first time. 

Sometimes, we tax professionals can save you a lot of money or save you from a major problem.

Purchase price: $250,000 Cash invested: $14,000 I purchased and managed a rental property in Chicago, focusing on strategic improvements and tenant satisfaction to increase both its value and profitability.

Basically just putting a step in the middle of a disallowed transaction that is really only there with no actual profit/business/clean motive except tax avoidance...is not valid.