Question on section 121 exclusion for cap gains, specifically the timing of needing to live in the property for 2 of the last 5 years.

We are trying to figure out a good split of equity and cash flow since they will likely be putting more down upfront but they live out of state and we would be doing a majority of the management. 

The goal with this strategy is to have low living expenses as your tenants are helping you pay down your mortgage.

I live in Southern Oregon currently and what little inventory we have here is massively overinflated.

Are there amenities that appeal to people living there? 

I'm in a similar boat where I live in Texas and am VERY new to the game, but interested in investing out of state, back home, in Ohio.

I live in Fishtown and it’s definitely a neighbourhood that’s growing fast with lots of new builds and plenty of deals to get in, to flip. 

We live in the Augusta, GA area.

Mark,Jordan is correct in his analysis but the problem lies in managing not to get thrown out of the seller's living room when you offer him $97,200 for his park. 

I am also sure there are some other people on BP that can help with more out-of-state investing.This is all VERY GENERAL information and will vary depending on where you live.