If your home has appreciated in value you can sell it and not have to pay income tax on the profits, BUT only if you lived in it 2 of the previous 5 years:https://www.irs.gov/taxtopics/...So, if you rent it out for a few years you will lose this opportunity to avoid paying the tax man.If you decide to rent it, be sure you want to do it for a long time and be sure you want to be a landlord in general because otherwise you may regret giving up that opportunity to avoid paying income tax on the sale.

It also avoids a few thousand dollars on closing cost for a new loan.

Anything to look out for along the way or mistakes that could of been avoided?

I try to avoid tear-down properties or the ones with structural problems because I'm scared of the risk.

My understanding is that's kind of an easy back door way to avoid section 8.

Wasn't sure the best place to post this question.Re: Digital Nomads - basically means we plan to be working remotely from the road moving around city to city while we still can before our jobs ask us to go back into the office :-)Yeah, I think we can probably work out something similar where we split the cost and definitely avoid realtors.

This would allow you to start investing in real estate AND avoid the capital gains tax on the sale of your business at the same time!

@Theresa Harris@Theresa HarrisI am good at day to day property operations, I find ways to increase the efficiency of property systems such as boilers,HVAC, energy consumption, water consumption, I make sure the systems will last longer,I make sure the occupants in the building are safe.Basically maintenace, preventive maintenance,repairs, managing tenants,collecting rents (even though its not my job,I do it), I make recommendations to the landlord on how to save money without sacrificing the comfort of tenants and I do my best to avoid defferred maintenance.My father does construction (20+ years,he operates a small construction business) maybe I can put him on my teamThank you for answering

This will avoid double taxation.

So just avoiding that confusion!