If you went to sell the condo, you couldn't even 1031 into anything, since you're using it for personal use, and not as a rental.If you do choose to sell, if you're single, the IRS has an exemption of $250k or if you're married $500k. 

The IRS gives a safe harbor at 20 years.   

the IRS gives you a safe harbor at 2 years under certain conditions. 

I'm happy to hop on a call to talk more about specific areas and to share how our search went, we'd map from wherever we were looking to Vanderbilt so I've got a decent idea of the drive time from different areas of town!

As long as you pass the 3 rules that the IRS sets, then all of those expenses can go to offset income.

I been puzzled by credit disputes causing denials to loans, especially because I own my home and have bought close to a million dollars in home hopping in the last 9 years.

But when you sell the IRS will tax you 25% of the amount you could have whether you did or not.

I kept a log and all of my receipts for the rehab thinking I'd be able to deduct these expenses for 2020...But unfortunately I just read per the IRS, "Expenses you pay to prepare a property for rent for the first time are not deductible because there has been no rental activity." 

I need to find good connections that I can benefit and can benefit me as well which is why I hopped on BP and made this post!

If the funds are illegal, such as drug money or money owed to the IRS, etc, these funds could be placed on hold or even confiscated by law enforcement.