In reality it was quite a number of other people doing it together and the person making the post only owns a small percentage and they’re really making the post in order to gain limited partners. 

Portfolio = Income derived from financial instruments like dividends (including REITs), interest, royalties, and capital gains.Mostly income w/out loss potential, and favorable tax rates.Cap losses may offset cap gains w up to $3,000 loss.

You will gain the rewards down the road.3) You 'should' claim rental uncome from any source.

It seems often that people will dwell on books, articles, podcasts and other sources and really just need a bit of personal motivation by peers to get out there and take that risk to start gaining those Street Smarts. 

I agree with @Connor Hibbs's comment on terms for first time flippers and if this is something you want to start doing more frequently I'd look for lenders that offer some type of rewards program to gain better terms through doing repeat business.

They analyze components such as cash flow, principal paydown, appreciation (both home and renovation), initial equity, depreciation, and interest deductions for tax savings, giving you a clear picture of individual gains and ROI over 30 years.

Today all these homes could be sold on the market for a good return since homes on Long Island has had big gains.

That said, check with a CPA if you can use expenses from the remodel to offset some of the gains.

Since you have lived in the property for two out of the previous five years you could take the first $500k of the gain tax free (as a married couple).

That means either you won't cash flow or your Return on Equity (ROE) will be terrible.Since this is your primary residence you'll be exempted from paying capital gains taxes when you sell.If you sell to your parents, it will be considered a non-arms length transaction and will get closer scrutiny.