It is possible but you have to look at your Capital Gains/35% Self-emploment taxes if you plan to move that quick.

My loss is your gain.$30,000 in equity is yours.

And since we are not talking about long-term capital gains (property held less than 12 months) then rehab expenses that I would normally think of as being capitalized (like adding a new bathroom) are not really capitallized (and depreciated) because of the short-term nature of this type of transaction.

You can do it without her, but it will be easier, more fun, and more profitable with her.As you gain knowledge about REI, you lower your Risk.

If I decide to sell it (the property I'm currently in but plan to rent) in say 6 years, will I be able to roll ALL of the equity over into a house without paying capital gains tax?

I took some courses to gain more knowledge this past October and have been lurking here since November.

She interpreted her gain as, " I'm a savvy REI, and now I am really going to invest".

With that said there are those who like long term gain....

I am enthralled with becoming a Real Estate Investor and would really like to find a REI mentor or someone who I can "shadow", as a way to gain practical knowledge to partner with the info I've gotten from this forum and books.

Looking forward to gaining knowledge and contacts from this great site!!