We have had several setbacks which can mostly be attributed to our inexperience.

Some sources attribute this to FannieMae and FreddieMac.I’ve also seen posts mentioning lenders that have seasoning periods of less than 6 months (i.e. 3 months or even no seasoning period).

You would not believe the lengths that man will go to in order not to be noticed.For the rest of the statements I outlined above, I think you keep on looking at skills that one develops and thinking of them as attributes that one has or lacks.I would reserve some doubt that the truth of you is all so cut-and-dried.

So just about everything attributed to the investment side is going to be gain - either capital gain which is 15% or 20% federal plus state. 

I am a first time real estate investor.I totally agree that location is one of  the key attribute in the investment property.

If debt-financed real estate is acquired via an IRA, any income attributable to such investment will generally be subject to unrelated debt finance income tax.5.

Material participation by one spouse is attributed to the other for purposes of the passive activity loss rules under Treasury Reg §1.469-5T(f)(3).Agree with Ashish, it seems your CPA is mistaken. 

I know he had to find some comps but I believe those comps don't tell the story of the subject property.As I talked with the seller I found out not only is there a mortgage of $65k on the property but other expenses and debts attributed to the estate equal about $180,000.

However, with hundreds of search attributes, with thousands of filter options to support virtually any property-specific marketing list requirement, it is not likely that the leads you choose to meet your precise parameters will result in the exact leads selected by another user in the same market.

The gain attributed to your period of rental/investment use is still a taxable capital gain.