To clarify - the property was rented for about 10 or 11 years, so the $500k exclusion rule does not apply.Also, I am not taking the advise, i am just bouncing this "trick" off the BP wall.If you think about it, the gain that occurred before the property was converted should not be taxed.

And I did purchase a very strong insurance for the home, so it sounds like at least for now that should do the trick?

Any tips and tricks as we venture into TX?

Doing my best to not seem too needy :-D it’s just that I tried flipping houses a couple of times about 10 years ago and really ate my lunch, so I’m trying to do my best to not catch myself in that trick bag again.

The trick is that not everything that others pass by is a gem, sometimes properties get filtered for good reason.

Since I found this trick I've used it on the last 3 homes that I've owned, and it works.

The trick is to have a great negotiator who is working on your behalf.

It would be great to have tips, tricks, and general advice for the process! 

The trick for me is to find places where the risk and return are “mismatched” to the return side.

I do have some small tricks up my sleeve to differentiate.