To fill in the gaps and gain the confidence I need to properly evaluate a deal and then pull the trigger.

The entire amount is depreciated over 27.5 years and then I pay income tax on it as a gain.

Ideally would like to do a smaller project and learn from it and gain experience.

There are also a couple of local REIAs who have regular meetups that are great for networking and gaining local market knowledge.

I really don't think you can look at too many properties, and the more you look, the more knowledge you will gain for that marketCheck out the free  BiggerPockets Podcast-and ASKBP podcasts with interviews and a ton of great advice.

I'm not really focused on the financial gains, more so the hands on knowledge that could be gained and shared from this opportunity.Thanks

Purchasing turnkey you will be able to rent right away and buying a foreclosure you will gain instant equity once you rehab. 

I need to know if our gain on the property would still be tax free after 2 years personal residence?

My question is should I sell it or hold it for the cash flow, and if I do sell it what kind of taxes will I have to pay on the gains.

I would like to be heavily involved, mainly so that I can learn the business and gain experience.