Hello all,I have a paid off home in Colorado and am looking to purchase a new rental property that we will live in for 2-3 years in South Carolina.

I am currently living with family, I was wanting to use my first time home buyer to purchase a multi-family for my first home and stay in a unit while renting the others to start gaining some passive income.

That would help qualify your tax home as well.

My journey in real estate has been driven by a passion for helping people achieve their property goals, whether it's finding the perfect home, making profitable investments, or connecting buyers and sellers for mutual success.I'm eager to network with fellow professionals who share the same enthusiasm for real estate and dedication to making a positive impact.

I do have a few single-family homes rented out.

Hello @Takahito Torimoto, You will be happy to know that section 121 exclusion does not have a time limit or any requirements to redeploy the funds into another primary home.

So that will have more first time buyers looking for years and have to keep renting because they can't afford the higher priced homes they want with current interest rates.

We were able to get the home under contract well below asking price. 

.- thanks ...try reaching out to the local small to mid size  credit unions and banks in NJ ...contact the bank you  have your checking / savings with ...contact the lender that services your 1st mortgage for options .....regarding deprication - are you asking about the depriciation on the  primary home ( subject property ) being added in or  for the depriation from another property ?

The main house is completed and as far as labor, I spent $40,000 on just labor and that includes everything from full gut demo to finishes.We are talking about a 4BD, 3BTH two story 2400 ft.² home with a bonus room.This was a full gut job, replaced…12 Windows (new construction)2 sliding doorsTook out all carpet throughout.Took out this ugly 2” thick tile from half of the downstairs portion.Removed popcorn throughout the entire houseTook one wall downA little framing workReplaced entry door 80” x 92”Drywall patchingSmooth drywall work50 recessed lightingAll electrical neededAll plumbing neededNew cement walkway instead of one walk to the front door I created two steps with two lights in each step.Install kitchen cabinets, excluding countertopInstall all three vanities3 bathtubs with one being a modern standalone tub in the masterAll tile work (bathroom wall & floor, kitchen backsplash)Installing of all hardware, faucets, showerheads, etcInstalled 8 single panel doors with hardwareAdding self-leveler after tearing out that thick tileNew LVP flooring throughout the entire house except bathrooms,all baseboards, trimsPainting the entire house, painting all the doors, painting the outside trim.Reframing the outside balconyReframing the fireplace to install new linear modern electrical fireplaceand they took care of the two trash bins.I mean, completely redone.The only thing that was not included in the $40,000 is landscaping, counter top cut and install and of course the ADU which I’m currently working on now.So my question for my fellow investors and contractors did I pay too much?