As far as your primary residence, if you have lived in it 2 out of the last 5 years, you should not have to pay taxes on capital gains (difference between what you paid for it & what you sold it for) up to $250,000 if you file your taxes as an individual and $500,000 if you file jointly with a spouse.Just a disclaimer, I am not a tax professional.

My goal for this post is more about getting advice/insight from people who have already done it.

Hello everyone! I'm a 26 year old from Long Island hoping to acquire my first rental property by the end of the year. I do pretty decent for my age, and I live at home still, so I've been saving up a lot of money. Sad...

If your friends have a rental they should hire a tax professional. 

Focus on tax-saving strategies such as cost segregation studies and bonus depreciation to accelerate deductions.By qualifying as a Real Estate Professional (spending 750+ hours annually and materially participating), you can offset your wife’s S-Corp income with real estate losses, reducing your tax liability.

@Victor Yang To use the rental losses to offset any active income (W2), you'd have meet Real Estate Professional status (which would be difficult to do with a W2 job because you'd have to work more on real estate than any other job to qualify) OR have an AGI of $150K or less.

Readers should seek professional advice.

I'm looking for some advice on how to reinvest this money or what to invest in, I will profit a little over six figures from this property. 

@Eli JermanYes, you should hire a tax professional.

Readers should seek professional advice.