Depending on the 2/5 rule, you may or may not pay complete capital gains on the owner portion.There's been discussions on this board involving 1031's in these situations, and you can 1031 the rental part to another property, and sell your owner occupied portion capital gains tax free.To play it safe, have a CPA when you're at this stage, as there are things you can overlook, trip you up, without one.

That and you never know the quality of a rehab or the property yourself, unless you make a trip to see it (which I would want to do).I know for my market, out of state turnkey is something I've looked at for better returns.

Also, laws vary state by state and even an attorney will say "this does not constitute legal advice and does not establish an attorney client relationship. " I lived in a neighborhood of attorney's and judges for about 25 years so, and law is all they talk about, beside their latest trip to the country of Where-is-it-stan or whatever.

=====Just focus on it, and don't give up--if it takes you 7 trips there to get the courage to talk to one person, that's what it takes for you (and be thankful it was not 11 times)--why expect yourself to be a NFL Pro halfback when you are just starting out.Drop the ball, get used to the pain (some call it paying your dues).Less Thinky-thinky, and more do-y do-y will move you ahead quicker.Good Luck!

Sounds like I'll need to make a biz trip down to Crab Town and check out some potential properties.

It looks like you are in Irvine -- Just 1 trip / year will wipe away all of your potential profits.I'm certainly no RE guru, but I have had some luck/success with managing my units remotely from San Diego.Wish you all the best.

However, I remembered my last trip to the mortgage department and tax office of  our local Court House. 

However, the panel is a pushmatic type that the inspector states are known to have thermal breakers that stiffen up and will not trip as designed.

Beach trips b.

Did it ruin their entire trip, or just a few hours on their last day?