The IRS already offers capital gain exclusion of up to $500K for married filing jointly.

The City is putting a lot of money into improving the downtown core area with light rail and encouraging retail investment.

Over the past two years the city has been executing this revitalization plan and the neighborhood is improving. 

No matter how good your coach is, you need to develop yourself too by asking good questions on RE.Joining one or two good RE Investors Association in the city you live in will also improve, and speed up your learning rate.

Tell the old PM why you are taking it away - it may improve their performance.  

When I sell next year, I may have a $75K net profit after closing costs, improvements, realtor fees, etc.

Also, from a SEO perspective, as you optimize your site for just that specific function and add gobs of content you will see an improvement in search rankings.Here's another way to look at it - let's say you need a plumber and you have the option of calling a plumber or a GC.  

It is improved land; there is no house.

Any improvement suggestions appreciated. 

You'd miss out on the write-off/depreciation of those repairs/improvements but save on paying the taxes on the "cash".Maybe a good example, maybe not.