I don't think this is a good idea for the sole fact that you intend on selling after his passing.Once they pass (which I hope is a long time from now), those who inherit the house will benefit from the step up tax basis, meaning the net proceeds could be TAX FREE.

Thank you so much for your time! 

Hello everyoneI am an investor newbie, looking to make my first deal.

When starting out, I think you should at least be able to get to your property several times within the first couple of years to en reasonable amousure everything is set up and functioning properly.

So if you are married, the first $500,000 is excludable.  

I first envisioned having an LLC that would have all the properties in our portfolio.

However, I recommend buying first and running a fully operational short-term rental business first or passing it to a PM company.

After operating the STR for the first year can we turn the STR into our primary residence for 2 years then sell and avoid capital gains tax and depreciation recapture instead of doing a 1031 exchange?

It's all paid off but rates are high so I'm not thinking re-fi at this time. 

He earned quick money as a wholesaler, and I have a house to keep)Rehab cost: $20k (vinyl floor, interior paint, new dual pane windows, new toilets and bathroom vanities, lights, new landscape, new AC condenser, all done by handyman, spent some extra money for minor plumbing and electric jobs, hydro jet sewer lines, clean up attic (had mice), added some insulationTime spent: 3 weeks (two handymen for the first two weeks, one for the last week)Value after repair: probably around $440kJobs still need to be done later: some dryrots, roof work (it's tile roof, roof doctor quoted me $9k, handyman said probably $5k, home inspector said $15k you can get a new shingle roof.