The data they pull from the tax records on how much a home last sold for, often not updated, or completely wrong.

Bonus - the interest on the loan is tax deductible!

Hi Ricky,Being in operation for 10 years with mid seven figures of assets and NNN leases,it would be wise to speak with your tax advisor regarding if the tax set up should be an LLC, an S-Corp  or a C-Corp.It would also be wise to speak with an asset protection attorney to find out if this is something that might be beneficial to you in that area.

How do we minimize taxes on the profit we're making on this first home? 

I’m sure you won’t be verbally assaulted about how greedy you are Basically they were gifted $60-$120k tax free. 

Low barrier to entry, low taxes, landlord friendly, some amazing class A and B suburbs and a strong urban core. 

Dig deep into tax strategy, tax efficiency, etc  Learn about estate planning. 

Tax-wise, profits are taxed at your ordinary income rate, and frequent flips may subject you to self-employment tax if classified as a dealer by the IRS.

That's $1,600 per month plus to pay debt, plus at least $400 in taxes and insurance.

Some thoughts to consider:If you sell now, you are unlikely to pay capital gains taxes as your first 250k (500k if married and filling jointly) aren't reported.Doing your first rental remotely is undesirable without 1.)