However, my wife and I have been toying with the idea of turning our rental property in Bend, Oregon into a second home and living there part time while trying to establish a real estate business in both cities.

@Raheem JamaalSo you have never invested in real estate, never bought a deal, never analyzed a deal (with all expenses including capex), have no credibility, and now you are going to establish a pipeline of great deals, on demand, with no competition for actual investors?

Here are the details:Duplex purchased in August, 2015 for $155,000ishLived in one side of the duplex until September 2016Both sides rented for $1,200/mo ($600/each) when I first bought itBoth sides now rent for $1,800/mo ($1,000 for renovated side/$800 for other)Cash flows well for me (about $8,000/yr) and I have a very reliable, cheap property manager (good buddy of mine); total expenses are around $1,125/moHaven’t added up all the numbers, but estimated renovation costs were about $25,000Reasons I am considering selling:Live in Dallas - don't want to deal with property out of townInterest Rates rising (slightly afraid of a market dip): my property manager will be leaving College Station in 2 years (once he graduates) and I might have trouble selling the place at that time if market is in bad shape; don't want to pay 12% for a conventional manager to handle it, but I could do that if need beConsidering buying and building in Dallas 'M streets' area (for primary residence, not investment) - which will be quite expensive; we have savings, but if we had to pay cash for a distressed home or lot in the area, then that would be tough without this capitalLooking to sell for about $230,000, which would be about a $50,000 profit:  don’t want to pay taxes on the gains, but I am unsure of how to manage the situationCan’t live in it for another year (to get to 2 of 5 years primary residence)1031 exchange to personal residence seems tricky – I assume I would have to exchange for another investment property, establish it as such, and then convert it to my personal residence sometime down the road; also the timing on these things seems absurd (45 days/180 days) unless you have something totally lined up, which I guess is the pointAm I up the creek and I should just sell it and pay the taxes?

I will reach out to the title companies as I have already established a relationship with a few, and it sounds like I need to get the LLC in the works.  

Hi all, my question is what is what type of ownership should someone establish or avoid in the case they are building a real estate development project?

My friend and I have been establishing our list of contractors and private money lenders, reading every bigger pockets book, listening to podcasts, talking to other investors in our area and now finally after several months of preparation we are ready to sit down with some professionals to put our plan into place.  

By establishing that a debt is beyond the Statute of Limitations, John Doe can quickly and easily dismiss any suit his lender may file to enforce collection of the debt. 

I've been to one of the meetups myself, there's a lot to be learned there!

It's important that you learn to establish this good rapport quickly as not everyone has the time or patience for those who are less than enthusiastic about building their business

I've got a lot to learn.