Any Tax implications or any tax advantage ?

You didn’t save any taxes, you still owe taxes on $500k minus $300k, or $200k. 

They did not ask us for one tax return, credit report or bank statement.

@Jack Seiden Interesting, I actually did write it, all of the sources are cited. 

I am currently building a property and realized that that taxes from the sale are going to be substantial so I considered doing a 1031 then getting into multiple smaller properties then rent them out. 

Let's face it, a lot of what you write, and you write a lot, is about promoting what you do. 

Sometimes you can find a HELOC with no costs but you have to keep it open for a certain amount of time - I'd get clarifiation from wherever you get the HELOC since your plan is to pay it off when you refi.

I don't think it's appropriate to charge as much as a professional would, and I certainly don't agree with you keeping 2/3 of the money.It did say in the post that she didn't need nor want to make money off of it.

Any taxes and insurance paid5.  

You also make money in the long run not through cash flow, but by the tenant paying down your mortgage for you and covering your expenses (property taxes, insurance, etc).