You live there for 2 out of 5 years and sell tax free for 250k in gains free if single or 500k if married.Other option is 1031 exchange where you use a qualified intermediary to roll off your sale proceeds into another property.

@Michael Lee Thank you for commenting and giving your insight.

Any insights on this would be appreciated as they have taken it to their attorney for review.

Thanks for any insights!

Hello BP community, we have done a couple of 1031 exchanges into apartment buildings.

Hopefully some of them have some insight for you.  

Some recent examples are Scott Sutherland, Rod Khleif (a motivational speaker as well as investor--man did he have some interesting psychology insight!)

To offer some insight, I've been the commanding officer in a few different organizations, and dealt with debt collectors in various molds on a regular basis (probably once a week). 

Insight from the experienced is priceless.  

Hi all, I have some questions about using the 1031 like kind exchange to avoid some of the taxes I could incur.I closed on my first home a week ago.