Also, if I do carry, would the cash amount that I would get of $35k be taxed as all gain?

If you aren t famalier with a 1031 tax exchange, it is deferring capital gains taxes to the next property that you purchase.

My parents immigrated to the US from Guinea, West Africa before I was born.

Welcome to BP community, hope all is well.What was my driving force was eating up audio books to speed up the gaining knowledge process, in return I would gather my questions faster for more deeper research.also all podcast/video-blogs from BP, listen to all of them until you start feeling a craving for a certain niche, then focus more on that new found hunger.recommended books:-Rich Dad Poor Dad-Millionaire Real Estate Agent (known as the Red book within REA's)-Millionaire Real Estate Investor (known as the Blue book within REA's)-4 hour work week-The E Myth for Real Estate Investors-Profit First-10x Rule-Ultimate Beginner's Guide to Real Estate Investing (free from BP)Good luck, you seek , you will find#keepthehustle #lifeisworthliving #notdreamingitsreality

Pete area that is willing to reach out to me, I'd be very interested in speaking with you and gaining a little wisdom, knowledge and understanding.

Getting into a large project, nothing is small and the losses can be life changing, but so can the gains!     

The two of us are gaining equity as we learn the industry together.3.

In a BRRR strategy where you elect to hold property for 5 years, at a minimum, due to the new changes in the Federal tax code, can an S-Corp avoid built in gains taxes on properties held for a minimum of 5 years?

Will I owe capital gains taxes?

However, I don't like the idea of starting off owning property in another jurisdiction altogether, as I can't gain the hands-on experience and I'm sure there are some cross-jurisdictional tax implications that I'd rather not have to deal with at the moment.Any help that can be provided would be greatly appreciated.Thanks