If he sold his condo and net $50K, would he be taxed on that or does this fall under the "less than $250K net profit, not taxable" category? 

An interesting article came out yesterday talking about lowest housing inventory ever in Sioux Falls, South Dakota.

How much time does it take to "screen your tenants hard"...and no matter how "great a tenant" you have, the PM still does a lot more than you think.This decision falls under the category of "just because you can, doesn't mean you should".What you should be doing, is finding the next deal, analyzing deals continuously, finding more funding, finding more buyers ready for your flips, finding more (better & moving) markets to invest in, expanding your Power Team, etc...  

It might be that your best option is a silent partner that funds it?  

I saw the light and want to help others from falling in this trap.

I know my job will be taking to another area of town by the time fall comes around so I would like to then, preferably around August, purchase a home that is close by my new job.

They should be perfectly safe providing a drunk tenant does not fall asleep with their face on it. 

I'm seeking a ~$500,000 (70-80% LTV) loan and have contacted B2R but I don't fall within their loan amount parameters on a single property.

I first learned about REI about 3 months ago when I was playing football at the University of Sioux Falls in South Dakota.

You may have to provide some proof that there was substantial work done to the property but that falls within normal guidelines.