You also put the property under contract within a few months, which supports the position of held for sale versus held for investment.121 ExclusionYou would probably not receive the full $500,000 exclusion.

With a million dollar listing you can bet the agent will run you through the ringer with Proof of Funds, Verification of Deposits and Numerous Background and credit checks.

Not sure if this would be a rule of thumb...but you need to comapre your cash flow from renting plus your appreciation versus the tax cost of holding onto the property.

I bet you never do that again.

And I bet the owner knows that's the reason his house is not selling.I think I'm going to start with my realtor and see what info he can get from the selling agent.

Now their bet may or may not happen.

Careful not to confuse conversation where the owner's BK counsel is referenced versus the actual formal BK Trustee.

Your best bet would be some type of owner financing, but even with that if you can find somebody who will do it with no cash down, then you better run for the hills because the property will likely be an absolute nightmare.

(Not the #1 avenue I'd recommend but it's out there.)30-year conventional mortgage should be on the top of the list -- it's the most common I bet, along with cash.

You're new and there may be additional challenges you come across in that town versus others.