On the other hand I do not want to be at risk for going upside down should local/national market conditions take a drastic turn.

Cash out of pocket $15,000, Purchase price $89,000, rehab $23,000, ARV $135,000, capital gain $12,000, 80% return on capital gains, monthly cash flow $463, 37% cash on cash return, total return for year 1 without appreciation: 125%.

The amounts paid for the printers meet the requirements for the de minimis safe harbor.For the tangible property capitalization rules, the UOP for assets generally consists of all the components that are functionally interdependent. 

Maybe part time in order to generate additional capital to invest in buy and hold.

Worth still has the strongest multifamily fundamentals across the nation (#1 by far in job growth) and remains very strong in the B/C space.

Not worried about it going away - it's been there 150 years already.Parcel has three established roads that it can connect to if extended.I don't have the capital to do much so need to be creative. 

I want to invest out of state but I don't have the experience or capital yet.

I won't make as much per transaction as a licensed agent that I may as a wholesaler, but I can use many of the same thought processes to find and list distressed houses etc. and to help investor clients find those diamonds in the rough before I have the capital to buy myself.

Hello BP nation! 

Sell and claim capital gains tax exclusion, and then re-invest in other properties (at the market downturn, whenever it occurs)?