@Kate Szeto For rental property, the furniture and appliances should be capitalized and depreciated over a 5 year period.

It offers endless returns and acts as fixed assets for an extended period.

I will say I invested in a few tools that amounted to around $1000 over that period.

Investment Info:

Other other investment.

Purchase price: $50,000

Cash invested: $700

Sale price: $99,685

Vacant lot that we flipped for a profit after the first year of ownership.

How...

In Georgia, there is a 1 year redemption period, followed by several months to obtain a free and clear title. 

It sounds like we will need to live in the property for a period of time so we do not need to put 20% down, how long would we need to live in the property? 

@Susan O. and @Wayne Brooks, You actually can defer all of the cap gains for the period it was an investment property before you did the 1031. 

@Kyle Scelza, full disclosure I self-mange, but had PMs for a period of time.  

I just sold two SFR rentals up there due to the current market conditions.Something to keep in mind is that there are hold period expectations with most deals that are syndicated thus that 5-7 year clock is always coming up for someone out there.

We decided to have just her name on the loan but put both of ours on the title, this allowed me to go off and potentially get another house without waiting the year (technically 10 months with 60 day move in period) for owner occupied loans.