The requirements state that you must be an owner occupant, which I have no intention of doing, so here comes the question. 

Generally speaking though, I am looking at properties in the ballpark of $100k with the intent of about $20k in renovations ($120k all-in total).Brady

As I mentioned, these are summer rentals and we have no intention of trying to rent them during the winter. 

@Aaron Wortham I know when they sold the 90 days of intention journal they where setting up 4 person masterminds on bigger pockets.

You have very noble intentions and goals for yourself and your family, and that motivation is what will help you to succeed :)You have to start somewhere, and taking those first steps is always a little scary.

If your initial intention was to flip the property, it probably will not qualify for capital gain treatment.  

@Randy Chang no doubt that clause seems one-sided, but that doesn't mean the developer is dishonest or has any intent to take advantage of you.

If I have the intention and ability to close a deal that I put under contract and then I choose to sell my equitable interest in that contract to someone else who also has the ability and intention to close then I am not brokering a transaction.

@Michael Ealy I don't disagree that if a tenant intentionally stops paying rent eviction is an option...but the mentality of move to evict first is damaging to the industry and the tenants we serve as landlords...I've said it 1,000 times that the physical structure of property has nothing to do with this business...its all people and personalities...which makes owning property generally unpredictable.

Someone mentioned a 1031 Exchange earlier in this conversation.1031 is not a valid option when the original intent was not as an investment.