@Austin Hendrickson ...yea  If you read (c) For the special rules as of right now (keeping in mind that it may change in the future...)but it specifically states "any investment" held by the taxpayer. 

I hope to have something more interesting to talk about in the near future as I get my wholesaling business off the ground in San Diego. 

We may look for another investment property in the future, but not right now.So my question is, should we form an LLC? 

Either way, in order to get REFI and potentially take cash out now, before most bank's 6 or 12 month marks,  you'll need either a tenant in place or at least a letter of intent from a future tenant with a lease agreement and start date.  

@Brandon HallDidn't even think of this, good idea to keep in mind for the future!

If the first purchase is a success, there's no doubt that we will do more business together in the future.

That ship has sailed for the forseeable future.

So I think there's a lot of future rent price appreciation potential that other cities may not have which will benefit cash flow.

@Anthony YuWelcome to BP, and congratulations on making the decision to invest in your future via real estate.I have written a few blog posts that may help you get started here on BP, and with your investing.

Hello fellow real estate investors, i have been reading about real estate investing here and there in the past couple of months. it wasn't till i got a new job about a month ago, where i decided to take real estate investing more seriously for my future self and future family since i am only 20.