Now that more user-friendly options like Zillow, Trulia, Hotpads, etc. are gaining traction, Postlets seems to be the way to go, at least in my market (NW side of Chicago). 

Cash flow is taxed differently from capital gains.

Are you trying to figure out how much you'd gain if you foreclose, or how much equity protects your note?

Can I do a 1031 exchange for this transaction and, if so, can I defer the capital gains tax?

My main question that I'm hoping to get some advice on is if it would be smarter to use the money we've saved up to purchase a primary residence here in Los Angeles so we're no longer throwing money away on rent, or if we should use that money to invest in a rental property, either locally or some place like Atlanta, where I'm familiar with the market and is definitely more affordable.We're trying to educated ourselves and gain as much advice as possible before making any serious decisions.Thanks in advance for any advice!

Money will help in networking to gain credibility with buyers.

If I sell it before July, I will be able to take the small gain tax free.I have it currently rented to an A+ tenant.

Any and all free time I have is dedicated to learning about REI and I am dedicated to gaining knowledge and experience and would appreciate any and all help!

i need help. Im trying to get better leads in south florida but its extremely difficult. Can anyone give me some advice? Would anyone like to team up? I have the investors and contractors, but dont have a house.

The latter will allow you to spread the gains over a number of years.