Hi, if my wife becomes a real estate agent in New York (we live in NY) and we buy properties in other states such as Florida or Georgia, can we use segregated deductions on houses we buy outside of New York in order to pay less income taxes from my earnings?

I'm trying to learn more about capital gains tax when selling a rehabbed home or refinancing for the equity.

Did you know about various tax credits available for real estate?

Seller financing still implies a transaction and therefore a tax event.

CPAs that really know the back and front of not only fix and flip but investing write offs/tax liability. 

Worst case the irs says he should have charged interest and he owes $20-30 in taxes. 

@Michael Shea I'm not a tax accountant, but I've done the rent by room strategy for over 6 years as a house hacker, and I've recognized rent by room tenants rents in the Schedule E part of the tax return.

Every day I wake up to look at Google News and there is at least one article about Foreclosure, or Fixed Income Tenant can't stay where they have been from before the Covid or the Widow who has lived in the 2/1 house for 50 years cannot pay the increases in Property Tax, Home Owner's Insurance, Lights, Water and everything else.

But if it can appraise like a normal house (bedroom count, sq ft. etc) then there shouldn't be too many problems for securing a mortgage on it. 

Think of it like the escrows you likely pay your mortgage servicer for Insurance and Taxes, or your estimated taxes to IRS.