You, as a property owners, will only be paying 15% in capital gains if you keep the flip for 1 year.

One thing to note is that before converting your IRA to a self-directed IRA, it can first be converted from a traditional IRA to a ROTH IRA, so that all of the gains are tax free on retirement.

That will up your score next year and increase your chance your return will be reviewed and maybe audited.The auditors are under tremendous pressure to make any audit a net gain for the government.

I currently have a full-time job, but I plan on doing REI full time when I can replace my job income with passive income.I am very happy to meet all of you and exchange ideas in this great game of real estate investing!

Gaining knowledge and experience is a process- not an event.

I was originally only going to carry for 2 1/2 yrs because I thought I could avoid capital gains tax if I was cashed out in under 3 since this was my residence.

Pay off the loan and pay taxes on the gain, and you've got a kitty of about $12K.

Quick question -If an investment property (in this case a fourplex) is purchased by an LLC consisting of 3 people and one of those people lives in one of the units for two years, can the LLC then avoid paying capital gains tax upon sale since one of the agents of the LLC has satisfied the 2 year primary residence requirement by the IRS?

Usually because senator's are involved going across the aisle just to gain support for one of their bills.

After you gain some experience you can look to expand your holdings.