Since a lot of what I make is LT capital gains that would really jack my state income tax.

You are an investor and not a licensed technician.I do like the idea of doing a number of jobs directly to gain some idea as to what is involved.

I would think the average person would feel cheated if you told them you want to get their house under contract, only for you to make another 5-10 grand off the transaction.When you are wholesaling and net small gains like 3-5k, assigning a contract is fine.

I am a 48y/o professional with a desire to invest for long-term gains, not day-to-day income.This site seems to have a wealth of knowledge, and I have learned a lot already.My current plan is to invest in residential rental units, up to 4/property, at least at first.I look forward to asking questions and learning.

If I do sell it, great, I made some extra money and gained a lot of experience.

I hope to gain alot of info from you veterans.

Well, you're really asking two question;Pay down the second, andSell FSBO.The amount owed, and the amount you can get for the house have nothing to do with each other, neither do the amount owed and the (possible) gain on the sale.

I have been on the Acquisition end for the last 4 years, BUT since the turn of the market, I've turned my attention to Buyer Agency.

If you have other partnerships or LLCs that have passive income and generate capital gains, then you can group the capital gains as passive and still keep their character as capital for tax rates purposes, but be able to offset other passive losses.

All you can do is be a decent & attentive landlord, regardless of how much the property is worth.