So I bought this house for me as personal residence & did live there the 1st year.

Prices are also area specific , if you live in an area with a high cost of living , you will pay more . 

We are not allowed to do garage conversions but we have a 2nd living room. 

I’d recommend taking a deep breath and not worry so much about ARV, CoC and just look at a way to decrease your cost of living while buying your first property.

We live in Seattle, so somewhere on the West Coast would be ideal.

Keep it lively down in AZ Chad!

Am I exempt from capital gains tax since I have been living in the house for more than 2 years consecutively or do I have to also own the home for at least 5 years to get qualify for the exemption?

My parents live on the other side of the country and we've agreed that I will manage the property on behalf of all of us and I will be the public face for the tenants.

I have a partner that lives in Miami.

Purchase price: $31,000 Cash invested: $66,000 Sale price: $147,500 Converted an abandoned, condemned three bedroom, one and a half bath home with two rooms (one 30x15) unused/used as storage, and attached single car garage that we (my business partner and I) emptied (3, 30 yard dumpsters!)