As long as you've been living in your property as your primary for 2 years, then you won't be liable for any taxes associated with capital gains up to 500K (or half of that if unmarried). 

Hi All,We own a house in foster-Powell neighborhood of SE Portland Oregon since 2008 and this was our primary residence till 2016.

I.......being from the pac NW where a SF costs about $300k for a 1,200 SF dump and your numbers run about a 4% CAP at best (I am sure there is good money here but it might take a Scrooge McDuck pile of cash to make it).......have been reviewing out of state REI's for a long time, Cleveland being a primary target (not the east side....wouldn't wish that on my worst enemy). 

I read IRA pub 523 and my takeaway is that the I do not qualify for the primary residence exception (the '2 years living there in last 5 years' clause) because I didn't live there for 2 years total at any point.

I have to pay a monthly fee even if I don't do any tenant screening, but the platform also allows me to collect rent online and I don't believe they actually hold the money, unlike some other companies that have held, (and lost!)

The thought of a house sounds great and it would be so cool to own our own place, but the MFR offers another platform to generate income.

In my area the majority of agents are part time, only a relatively small minority are doing it to earn their primary living.

My question is, which would be better: opening an LLC for my primary residence and adding my wife as a member of the LLC OR doing a quitclaim deed and adding her on the deed? 

My sister lives in staten island, NY and getting ready to buy her 1st home as a primary residence. 

They said yes but the rate would be 7.5% since it's not my primary residence.