Interview with Chip and JoAnna Gaines.

Gaining my knowledge through many books, there's so much info out there, just trying to soak it all in.

I have never flipped a home or done this before so what are some ideas to minimize the capital gains on the 40k?

When it has gained X amount of equity2.

While I was in the process of doing my first deal I was being very public about my adventures into REI on my Facebook which gained the attention of a friend of mine whom was investing since 2008.

This is going to take a lot of stress out of the process instead of having that 45 day clock ticking for you to locate you new property, and then be forced to buy something you may not want.I agree that you should look into the 1031 exchange to differ taxes on your gains. 

the best way to gain information is to network and ask questions.

Frankly, you'll need to go to a real estate school to gain a better understanding of why owners are more of a protected class than a buyer, why we deal  at arm's length, in good faith, with an exchange of reasonable value within a value range under the  circumstance that exist, not caused by the superior dealer. 

I am thinking like you, I do not plan to ever sell, but if you do there are multiple tax strategies to reduce any possible taxes such as a 1031 exchange or the capital gains exemption.Of course a good tax lawyer should always be consulted before implementing any advice in these forums, including my posts.

I hope I can gain a mentor or two because I am great at being a sponge and taking action based on what I learn.