Trying to do my due diligence and gain some knowledge but hoping to buy something soon somewhere!

I know that you would have to file a gift tax for anything over $14k in a year, and if they were to sell the home they would pay capital gains tax, but what other things would need to be addressed?

I would only agree to this if I was trying to attract a new tenant or preparing the property for sale.If she really wants it, I would suggest asking her to split the cost with you as she would gain a majority of the benefit while she occupies the property. 

Dirst, you have to live the property as your primary for at least 2 years, then the gain is tax free and you don't have to roll it into another.  

I guess everyone here is agreeing that it would be better if you start with one property while gaining experience of local market and building a team.Good luck.

@Dezra Robitson Sounds like you have been doing your research and gaining the knowledge.

And then we got married and had a baby.Now I have the better job I was looking for, but taking on some student debt, adding my wife's previous debt to the equation, and having to find a better place to live put a serious dent in my investment plans.The house is renting and breaking even while we rent elsewhere for a slightly lower price, and we're making just enough income to save a little and not dig ourselves a hole, but we're not on the path to much growth right now, and we have no borrowing power.I'm looking to volunteer my time to help some established investors out and gain the real estate experience and skills I need to eventually land some profitable partnership deals despite my limited spending power.

Therefore, how you did it was to use a bogus contract to gain the same position of an agent to facilitate a sale!

I have no clue on how to gain one when first starting out, so I would love for some advice.

There are several ways to gain education on the topic of flipping.