For homeowners in hot markets like Silicon Valley who bought either long ago or in 2009-10, they may be sitting on paper gains that can be in the millions of dollars.

I owned two 4 plexes there and in about a year we gained 6 figures in appreciation (some was forced through reposition) and cashed out. 

As a newcomer to the area AND the field, I'm hoping to meet a few investors and professionals in the area to gain some familiarity with the territory.Are there any Memphis meet-ups?

I love to talk about finances and to help others gain more understanding.

Or, if I receive the interest after one year, it is considered long term capital gains.

I realized two things amongst many others is as follows for future transactions and would like to gain some advice on the same from you all experienced people :1.

Let's assume the big concern are the tax implications since the projected gain before the exclusion is $1.2M; see projected gain calculation below.

Take the tax free gain and move on.  

I have deed on my rental property worth about $70k. i set up a LLC with it but was trying to gain a line of credit with it to purchase another property to rent or flip.

In order to be eligible to do a 1031 and exempt from FIRPTA withholding the investor must either obtain a withholding certificate certifying the non-recognition of gain from the 1031 in advance from the IRS.