@Kenny Lee was the 12k profit before capital gains?

As far as I know the same LLC would have to purchase the new property to avoid capital gains tax. 

Also I am not quite familiar with this 2 out 5 year living and selling strategy, does one have to sell within the 5 years to not pay taxes on gain?

I would like to gain more understanding in this area. 

Hello BP World,My name is Frankie Richiez and I excited to gain some knowledge and education regarding the real estate investment world. 

But definitely talk with the cpa this is valuable and a part of your due diligence.  

As both first in line and (usually) last in line, they are in a unique position to gain possession of this property.  

I'm also curious to learn more about raw land investing, and of course, am entirely open to the experience of others and will likely change/modify this initial shell of a plan as I learn more and gain more experience.My goal with real estate, on a broad scope, is to build wealth via passive income in order to enable a lifestyle in which my wife and I can make traditional work optional and use our time to engage in meaningful projects and endeavors to help others in need around the world.Thank you again for building such an impressive community!

I am looking forward to implementing what I gain here this year and increasing our cashflow while becoming more financially free. 

Years ago, contractors are normally incorporated, but nowadays, LLC's had gain popularity.