Purchase price: $745,000 Cash invested: $400,000 Sale price: $745,000 Amazing 1 bed/2bath East Vail Creekside condo at the Vail Racquet Club.

Sell the entirety to yourself (through an unrelated party) and do a 1031 on that sale. 

A 1031 exchange will defer that and also defer the gain from the sale if you find that the extension doesn't apply to you.

Never done this before so I’m flying blind and hoping someone has a few tips to help me figure this out.

Located in suburbs outside of Seattle, new to investing and trying to figure out the best way to grow and build wealth and learn what others are doing.

I’ve started to consider pivoting my strategy in the spirit of “failing fast,” and figure that in 2-3 years I could conservatively do 1-2 flips and then 1031 that into a larger multifamily property and try to execute my original strategy.

Go to the sale and see what they sell for.   

probably reduces marketability and sale price of the home.You mentioned spelling out "base rent" among some other obligations.

After googling for a bit I’m even more confused so figured I’d ask the right people on how deal with security deposit.

I’ve looked into tax foreclosure, mortgage foreclosure (sheriff sales) and buying properties that are listed on MLS to flip.