I believe 5% down wasn't originally mentioned because some people were discussing multi family?

Many people will say..stop fixing...I'll take it and finish it up.Oh...and never rent to anyone ever....just flip and move on....renting is a real nightmare believe me.  

) here is a link to a page that talks about the renovation part and how it triggers it, the site will also explain more if you search around, and i believe they show you all the standards that i talked about, i have not gone through the site and all the pages, just this article for you.https://www.access-board.gov/guidelines-and-standa...

Personally, I think your smart to be cautious; however, I am a firm believer that there are deals in any market and that as long as you are well capitalized, confident of your numbers, and purchase at a strong discount then you will be insulated long term.

I believe you need to own the property a year, but you are able to purchase another property using the proceeds from the previous without paying ANY taxes.The process is a little complicated, but this biggerpockets article breaks it down well: https://www.biggerpockets.com/renewsblog/2015/09/24/1031-exchanges-real-estate/Best of luck to you!

To answer Brian's question, I believe you just want to cut your losses and recover some of your cash and possibly pay back borrowed money.Assuming my hunch is correct, you just claim your losses, and there is no tax issue.If you do have a taxable gain after selling this property, you will not have adverse tax consequences, either.

I am living very very cheaply so much so that people do not believe me less then 800 a month total and all no bills after that 10k a year and I'm clear all the rest is investing and saving money she has no bills because she lives with family we will be a one car home when we buy to save on that and it will be a little more expensive but shouldn't shift all yo much.Would you say it's worth it to keep this momentum up in savings to buy the condo just to upright sell it. as of now return is important yes but I want to conserve my momentous savings first and foremost and solidify it so I can have a great catalist for future investments

With that said, I do believe it will make a comeback, but I do not want to be the pioneer!

After the vacancy is filled, that would add another $1,000 / month.The property is generally in good condition with some upside for appreciation and there are some changes I was thinking about to increase the value, I.e. converting from oil to electric and have the tenants in the residential property pay their own utilities.

I believe she works with hard or private money, but either way she is a pro and can hustle like nobody.