Any early nonqualified use will forever taint the property and some portion of the gain will be taxable (unless a step-up in basis occurs under IRC Sec. 1014 after the death of the taxpayer)When sec121 qualified property with non-qualified use is involved in 1031: (non-qualified period tacks on)Depreciation: In other words, where a taxpayer's residence is the relinquished property in a tax-free exchange, any gain attributable to depreciation deductions relating to the residence can be deferred until the taxpayer disposes of the replacement property received in the exchange.Gain: The Code Sec. 121 exclusion has to be applied to gain realized before applying the nonrecognition rule of Code Sec. 1031Illustration 1: A, an unmarried individual, buys a house for $210,000 that A uses as his principal residence from Year 1 to Year 5.

Most of the situations, for me, that had the largest learning curves all involved dealing with contractors.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

I have been binge-watching YouTube videos and old BiggerPocket Podcasts for the last month or so and finally decided to pay for a pro account here.My wife and I both currently work in higher education, own our own home (in NJ) and are looking into getting involved with some real estate investing.

Briefly mentioned above, property involves legal, financial and civil issues that need to be handled in a timely and professional manner.

It's complicated and an attorney needs to be involved.

She's been a renter for 30 years, just happens to be on disability for a mysterious degenerative bone issue - notwithstanding a picture of someone morbidly obese having anything to do with her situation - and knows enough to get an advocacy group involved.

They probably do exist, but the ones I've encountered have clients who do a lot of things such as regular employees, small business owners, investors in a variety of things such as other small businesses (private equity), real estate, stocks, crypto, commodities, etc.Basically you just want to find someone who has enough clients doing real estate that they do understand the complexities involved and the implications of taking various positions (such as real estate professional status).

The greatest thing you could do at this stage in your life is choose a career path that doesn't involve taking out debt.

Previously we were involved with one in a different state and they were only about $1k, but this was a few years ago.