You are referring to the old law under Section 1034, which allowed you to defer all of your capital gain into the purchase of a new primary residence as long as you traded equal or up in value.

The area is low income with average sale values at around 50k.I am looking to make my first purchase and there is a 2/1/5 valued at around 60-65k that I can buy at $52k that is currently rented Section 8 that will cash flow around $125 right off the bat.

You have not given enough information on the property like what's the tenancy rate, what's the utilities cost, did you have the property inspected to ensure no major repairs linger around the corner, do you have money for attorney or property manager if not can you deal with taking applications and running peoples background checks and credit reports, phone calls from the tennants.

Hey Whytehouse,Ryan is 100% correct but you will need a few thing to make sure the Loss Midigatior will even look at your package.1) You would want to get all the information listed below before you even call the Loss Midigatior2) You would want it in a 3 ring Navy Blue binder-Not White-(2 Copies) With Hedder Pages and Avery insertable dividers (8 Tabs) to seperate the sections I use Model # 11901.3) After you have the packages put together you would then Call the Loss Midigator and request his Name and Mail Stop because you are sending them the package by NEXT-DAY-AIR(FED-EX) and for them to keep an eye out for it.

they see investors, especially smaller firms (sole proprietors, small partnerships) as people who want to do shabby work and rent it out to section 8, thus not contributing to the overall good of the community...and generally in my opinion, they're right.

At the same time, I'd spend a couple hours surfing the REO's section here on BP.

1) Check with a property management company.2) Check the lease section of the MLS, if yours has one.3) Look in the paper.Those are some ways to check--sure you've thought of every one.

- Classifieds Changes - To post in the classifieds sections you are now required to have a minimum of 5 posts.

*I posted this in the "Starting Out" section, but I though I would try here as well.

Once you have reached enough posts (10) to post in the dealmaking or classifieds sections of the forums, you are welcome to tell us about your deals.Thanks for your understanding and welcome to the site.