I've never done a flip, but have always wanted to dive right in and learn through taking action.Here are the numbers as a rental assuming it won't need much work to just get it rented out:Purchase price:  $80,000Market Rent:  $1400Expenses (PITI, CapEx, PM, Vac, Rep):  $1066Cash Flow:  $333CoC Return:  25%Possible BRRR as non-rehabbed comps are around $120,000Flip:Purchase price:  $80,000ARV: $150,000Repairs:  $24,000Holding costs:  $2000Cost to sell:  $9,000Approx Net:  $37,000 before capital gainsNow I know the rental return looks great but here's the kicker: the mother had three different tax exemptions (1 owner occupant and 2 senior citizen exemptions) and once those fall off the taxes will go from $3550 to around $6200.  

As I have qualified 2 out of the 5 year exemption for living in the property need to have it sold ASAP so as not to pay capital gains.

@Ryan McPherson when you are figuring cash flow on the property you are moving out of please keep in mind that the taxes will go up if you currently have a homestead exemption on your home.

We know that if we want to sell the house that we should live in it for at least 2 years just prior to selling so take advantage of capital gains tax exemption.

Thanks much for the insight @Roy N.Sorry, I should have clarified that I was speaking from the angle of an LLC being disregarded as an entity, separate from it's owner (Single-member LLC), which would therefore be taxed as a sole proprietorship (prepared with a Schedule C and brought over to an entry in your personal return), unless elected to be taxed as a Corporation.Ultimately, it will be inevitable that funds withdrawn from a US LLC bank account (or any US bank account for that matter) would be subject to tax if brought back to Canada as the CRA requires you to claim foreign income.But with the existence of the US to Canada income treaty, I was hoping a Canadian would be able to claim a foreign tax credit or even better, qualify for tax exemption if US income doesn't exceed $10K USD.Once again, this is all from casual conversation and some reading.

The property owner still retains all rights, such as the right to possession, to collect rent, mortgage the property, homestead exemption, and any other benefit he now has.Hope this provides some clarity.Stay Blessed!

Another important tip on VA loans is that if you are a disabled veteran (and receiving VA disability compensation) you may be exempt from paying the VA Loan funding fee which could save you thousands of dollars on a home purchase.Also, if you have a disability rating from the VA, be sure to check with your county tax assessor because you may be exempt from property taxes.

As a primary residence, the profits would be tax exempt.

You can find these dates and others at the Winnebago County Supervisor of Assessments.Something to note, if you have a SFH rental, you can still get the homestead exemption.  

The goal of the airbnb law was to get more unit to stay in the rental pool so they probably don't exempt in-laws from the 90 day rule If it is just for airbnb purposes guest may not need a full kitchen just a coffee maker, toaster, microwave that may be a way to skirt things?