One week ago I made the decision to leave my W2 job and pursue a position as an independent contractor, full-time investment mortgage broker.

I have been building relationships with friends and colleagues by just letting them know of the ambitions with real estate.I am pursuing that education with some vigor, thanks.

@Cisco HoodI think the first step on whether or not to wait the year to avoid the taxes is to calculate what the taxes would be if you sold now.How much did you spend on renovations?

Step 1.

Go to the City, they have a step by step outline on what to do.

I would not have accomplished the first steps without you all!

In the past people that I have worked with more or less ask for forgiveness, this is a risky step and would only advise with a good local architect and contractor willing because it also makes them look bad.

Long story short: I'm highly interested in pursuing the buy and hold route as a real estate investor, however, trying to buy in my own backyard (Orange County, CA) is a bit of a challenge due to the insane housing costs here.

So then, assuming the lender would also pay for rehab/repair, how exactly would I go about estimating the rehab/repair costs on Property X when I have yet to step inside the house?

I mean jumping in as not only a new homeowner, but a landlord was a huge step.