We used tax returns, work bonus payments, any extra money for down payments and for renovation. 

You can take the allocation for the unit you lived in tax free. 

Conventional mortgages require higher FICO, reserves (money set aside to pay the loan), tax returns...just on that note, they typically won't count any income from the property rents until that money hits your tax returns for 2 years. 

There are 20+ Tax Pros on this forum.

if I could find a deal at $300/month profit after principle, interest, taxes, insurance, and a $100 maintenance reserve I would say it’s worth doing now (ie.

There will be expenses you will have to maintain sure but the appreciation, tax benefit and rising rent/mortgage pay off make it a no brainer. 

You get all the benefits of owning real estate (cash flow, appreciation, tax benefits) with none of the headaches of buying, renovating, or managing properties.

I am selling my current business and will have about 300k that I would like to avoid paying taxes as much as possible on, so I am looking for something to invest in.  

., tax implications, insurance, etc.)? 

Does anyone know the rules or limitations concerning keeping your homestead exemption and the rules about your taxes when you have declared it as a rental property?