My recollection is that if it is your primary home for 2 out of the last 5 years there is no capital gains tax on the increase in value up to a $250K profit for a single person or $500K for a married couple. 

If I could add to what John Leavelle said  ; it could cost as much as $60,000 to do a full Rehab here in the Philadelphia Area        My Friend Sean just did a Rehab in the Port Richmond Area Close to Fishtown and he it was $60,000        Sean has done many flips and I thought he went as "Budget" as you possibly can , for an example ; he paid $7,000 for a brand new HVAC  (Heat & Air Conditioning)  with new duct work , where that would have been double in the open retail market       Good luck with the project & feel free to reach out to me if you need any help or have questions SincerelyRick      

I can recommend several but they are a couple weeks out.

So I'm brand new to this forum.  

A couple of the developers have been Assisted Living Facilities.He is wanting to see if there is some way to lease his parents land to one of these developers, so his parents can either retire to one of the Facilities, or provide them with a monthly income so they can live in another one.  

A mixed use property my dad bought in 1963 for $25K sold for $1.1 million a couple of years ago, only to be torn down and condos built, 1 BR's sold for $600K each, rents for a few thousand/month.

Feels like a good deal (nice lower income neighborhood, bike paths, parks, 10 minutes from personal residence ) but the AC and roof may not have too much life left.Based on my analysis, I think the FMV for a 2/1 like this is closer to 35k.Inspection in a couple days - planning on asking for $3-5k back at closing to a) mitigate risk of roof/hvac replacement and b) bring purchase price closer to FMV.Is a deal like this worth walking away from if I don't get a concession post-inspection?

You can set occupancy limit's and a person is an occupant no matter what age.Your occupancy limit per size apartment must be consistent and not exceed city code standards.I like quite buildings my units are desirable enough that a single occupant can still afford a 1 br. and I limit my 2br units to 2 people.. 

I am brand new to real estate (I bought and rehabbed my own home a couple years ago and fell in love!)  

I have over 11 years of marketing experience developing marketing campaigns with big brands like Verizon Wireless and Qualcomm, 6 years of event production experience and over 11 years as an entrepreneur and small business coach.