@David WaltonAttorney's are great - ask a real estate attorney about this though to double check.

@David Yonwook Chung check out some local meet-ups in the OC.OCREIN - Unlock Your Real Estate Success: Stand Up and Connect!

Check it out!

I Invest here and surrounding areas and also in Florida, but none of them perform as well as Lackawanna County.I'm AWFUL at checking BP regularly (hence while I'm just seeing this, I'm so sorry!)

I'll surely take all of it into account.

A "quick math" AirBNB analysis would have me just under breaking even on the mortgage after accounting for management, AirBNB fees, CapEx, vacancy, routine repairs and about 10% set aside for other STR related supplies.

(but we would still have about 10k in our biz account).

Our house in Florida (Four Corners) did great all the way up to April but it has fell off a cliff since our last guests checked out last week.

Get "good funds" (Cashier's check or similar) or sit there until a wire transfer goes through.

Additionally, there's a fixed self-employment tax.Income Tax: 22% * $70K = $15.4KSelf-Employment Tax: 15.3% * $20K = $3.06KTotal Tax Due: $18.46KRemember to account for any state taxes as well.To defer taxes entirely, you could utilize a 1031 exchange, which allows you to reinvest the proceeds from the sale into a similar investment property, thus deferring the tax payment until a later date.Example #2: Long-Term Capital GainsNow, consider a scenario where you hold onto the property for over a year.Project Details:Property Cost: $70KRenovation Costs: $50KResale Price: $200KProfit: $80K ($200K – $50K – $70K)Since self-employment tax doesn't apply, you only need to calculate the long-term capital gains tax.