If don't do a 1031 exchange and decide to pay capital gains, I would have about $450k free of taxes (this accounts depreciation and other costs).

Best of luck, and feel free to reach out if I can help!

you are not alone nor dumb, i read an American study that 40% of home flippers lose or only break even on their projects. please talk to an attorney with bankruptcy and real estate experience before filing as could have long term complications.

So $30k plus any state income taxes leaves you with $150k+ after paying off mortgage.You can certainly do a 1031 tax free in to a new rental.

Then, I'd offer some free insights or advice tailored to their situation.

However I prefer it to just be me as this is currently my goal of becoming financially free through real estate and not his at this time.

In Fall 2022 I bought a 3/2 (half of a duplex) in a neighborhood that’s in the early stages of up and coming, my thought was to get a rental to break even or lightly cash flow and appreciate over time as the neighborhood improved.

With a 30 year mortgage, you can still treat it like a 15 year mortgage with double payments, lump sums, etc. you also have the flexibility of a lower monthly payment, so cash flow would be better and would free up more capital to invest elsewhere.

That's why I am paying for ChatGPT4, which has about 10x the inteligence of the free 3.5 version and make it a point to use it on a daily basis - basically to train me on how to use AI.

Vikram and others brought up an interesting topic in another thread, and because it was buried pretty deep in there, I wanted to break it out into a new thread.