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This means that your permanent residence is excluded (except if you are doing a house hack in which the part that is rented out is eligible for cost segregation).

How did you finance this deal?

If purchasing new real estate as part of your reinvestment, a cost segregation study can maximize depreciation deductions, offsetting future taxable income.For effective planning, assess how the sale price is allocated between real estate, tangible assets, and goodwill, as this determines the tax treatment.

I know a lot of high income people that buy rentals and get a study done, and that helps.

I would like to learn more about seller financing, I see a lot of information on the internet about seller financing but honestly I am just confused.

Quote from @Rou Odab: Hello everyone,We bought this house, and we're living in it and renovating it.

I did not mention, but this is a probate sale, and the seller is the executor of the estate.

This just seems crazy - must be new councilmembers running the show. 

Im going to do more of that this year.