Although the taxpayers owned and used their old house as a principal residence for at least two of the five years before the sale, the Code Sec. 121 exclusion didn't apply because they never lived in the new house and it was never used as their principal residence.Based on that, looks like the construction period doesn't count towards your use test. 

Congrats on passing your test and good luck out there on the front lines!

@Jose LopezThanks I will give u an update about my area after I test it out

One of the plumbers suggested a shower pan test, and it passed. 

Most info stands the test of time.

Please note that the account into which the funds are deposited must be the same type of account from which the funds were first withdrawn (e.g. withdrawal of pre-tax funds from a 401k could be deposited in a pre-tax IRA but not a Roth IRA - "like to like").Loans:Payments on a 401k loan taken under the CARES Act must be paid back starting in 2021 over a 5 year term.Here are the details regarding the loans:NEW LOANS:The CARES Act which was enacted to provide relief to individuals impacted by COVID-19 allows for increased 401k loans and more flexibility for repayment of these loans.Specifically, you must be an individual who meets one of the following conditions to demonstrate that you have been impacted by the crisis (and it will be your responsibility to retain documents in your files that demonstrates that you are a qualified individual):Individual who is diagnosed with COVID-19, with a CDC-approved test;Individual whose spouse or dependent is diagnosed with COVID-19, with a CDC-approved test; ORIndividual who experiences adverse financial consequences as a result of being quarantined, furloughed, laid off, having work hours reduced, being unable to work due to lack of child care due to COVID-19, closing or reducing hours of a business owned or operated by the individual due to COVID-19; or other factors as determined by the Treasury Secretary.On or before September 23, 2020, such individuals take a 401k participant loan subject to the following terms:Maximum Amount of the Loan: 100% of their 401k balance not to exceed $100,000.

After 4 months of class and testing, I finally just received my SC real estate license.Are there are any potential ethical dilemmas to negotiating with a seller for a wholesale price on their property within the state you are licensed? 

Make sure you test each season, too. 

I then compare comps and rental stats based my existing rentals (rentometer is ok but use the median value and stress test it).

I feel like it could cash flow pretty well, but it doesn’t meet the 1% test.