Yes, any cash you take out of a 1031 exchange that isn’t reinvested into a like-kind property is considered “boot” and is subject to capital gains tax.

As the investor gains experience, they are not only able to more successfully foresee the “bumps” along the way, able to handle recessions, temporary negative cash flow, unforeseen capital expenditures without panicking, but will also recognize the opportunities necessary to turn a loss into a break even.

Was able to gain some leverage prior to negotiating which resulting in a great outcome What was the outcome?

My initial goal is to purchase a fix and flip to gain capital for my first long term rental.

I used to cold call, skip trace, send mailers, and don't get me wrong you will get success from it like James above, however as you gain experience you will realize you need deals faster, easier, cheaper, and with more "meat on the bones" and in order to have that you need constant deals flowing through your eco system and that's hard to do with mailers, cold calls, VA's and skip tracing etc.

Hi John, would you be interested in the Lake Lanier areas in GA in Hall or Forsyth counties?  

I'm quite not 100% on wether or not if I purchase my first investment property where I currently live (Virginia) (*which I will be*). should I also gain my license here since I'll have a property within Virginia.

Consider the "2 of the last 5 year rule" to avoid capital gains.

Be mindful of short-term capital gains tax, as profits from flips held for less than a year are taxed as ordinary income, and frequent flipping may result in self-employment taxes.While profits from flips do not qualify for 1031 exchanges (since flips are considered inventory, not investment properties), you can minimize your tax burden by deducting allowable expenses like renovation costs, loan interest, and holding expenses.If you're considering diversifying into rentals, explore opportunities to benefit from long-term tax advantages such as depreciation and lower long-term capital gains rates.

Meaning, TIME, your gaining TIME.