Realize, assuming to bought it to live in it, and did do for st least 2 years, you have up til 3 years from the date you moved out to sell it cap gains free.

Currently the rent barely breaks even but the price has appreciated quite a bit.Should I have the condo sold today, I would have about $260k on hand ($180k down pay + $80k profit after exp.)After listening to some podcasts and doing research, I decide my main goal is to buy and hold for the passive cash flow.

Certainly there are tax consequences but LT Capital gains better than ordinary income.

Why are you being so passive and willing to just accept this?

My goal is to build a passive income portfolio but I have zero money so I’m trying to work with a partner or investor to build some capital first.  

Shoot for gaining cash flow on the property after you move out and move onto your next investment. 

Im going to focus now primarly on my capital gain first flipping houses and then transition into rental property investments.

(However, the Sec 121 exclusion will shelter up to $250k (single) or $500k (married) of capital gain from taxation.)1031s are only for long-term investment properties.

At first I planned on rerouting the stairs to gain enough headroom so that it could pass the rental inspection.

I’m new on here and just trying to gain the knowledge of the business.