Hey all,I recently purchased a home, and the whole process drove me into learning about real estate investing. I'd love to get started, but a lot of the cash I had in hand went into the downpayment of my home. Ideally...

With the Section 121 qualified vs nonqualified use provisions does my gain start with the replacement property’s net purchase price going forward or does it reach back to the prior relinquished property cost basis ?  

How does profit margins relay to taxes?

If they won't compare what you'd lose backing out versus what you'd gain failing forward and finding a contractor for the surprise rehab.

Its worth its weight in gold. 

A few details...We're about 9 months short of our 2 years needed to avoid capital gains.

I am glad you made it to the local REIA and I am sure you will gain a lot of value from both.

$50K gain in equity in <2 years Lessons learned?

If so: Option 1- Sell the house and pay off majority of debt we have from the proceeds around $90k.If you sell you have zero capital gains taxes up to $250K or $500K if you are married. 

I've been very fortunate from the support and knowledge gained here in BP.