Minneapolis/ saint paul proper will almost all be exclusively 1920 and older.

We do almost exclusively large-scale, complete gut re-habs on our rentals so a crazy amount of dust, dirt and general yuck.

There may be additional expenses that could be added as well, if needed.It doesn't sound like you can utilize a 121 exclusion for either property based on what you've outlined, but if there are additional applicable facts/circumstances, that may come into play.

@JoAnn MelgarHi JoAnn,I am a real estate agent that exclusively services Vallejo, CA.

I don't have the funds to lock up all these deeds myself so I wanted to make use of them while I had exclusive bidding rights for 2 weeks as is law here. 

There are probably some exceptions, like if you have exclusive or in-house contractors on payroll (most newbies probably dont), or if you're an out of state investor and your contractor is also your property manager, for example.Also make sure you fully trust your contractor if you are depending on them for your budget and scope of work.

The first thing I would point out is these things are not mutually exclusive.

Note that this notice clearly defines housing provider as owner of property (not exclusive to PM).

While your search for an attorney should start with a CA based attorney, you might want to expand your search for CPA's to include those that are out of state and work exclusively with real estate investors.

But once I learned capital gain exclusion rules ( up to $500,000 of that gain if you file a joint return with your spouse), I am confusing if I need to sell so I still get some tax benefits now or keep as it rental for 2-3yrs (can sell within 3yrs to meet the capital gain exclusion rules) or even hold even longer (pay long term gain tax in this case.)I want to invest another investment property using 30yr fixed loan even if I sell now and I am kind of confuse what will be best direction here.Can anyone advice if you have any insight?