Is there a certain amount of income you have to make to be qualified? 

If they continue to rent out my properties that's a really nice income for them. 

I have it advertised to rent now and I've got someone who is potentially interested in purchasing the house outright or doing a lease option. my questions are:1.) if I sell it out right, only having owned it for 4 months will I get slammed with self employment tax and regular income tax and not be eligible for 1031 exchange. or could I still call it an investment property and be able to 1031 because my intent was to rent it?

One of the long term consequences of widespread aggressive rent control has been to concentrate large populations of low income renters into high cost areas. 

Most investors I know have VRBO properties that Gross $8-$10K a month for a Duplex.

LTR may be more consistent income, there's pros and cons to both.  

1) Primary home - GA - titled to me - Trust or LLC or both2) Secondary home - GA - titled to spouse - Trust or LLC or both3) Rental property - GA - titled to me - 4) Savings/CD Accounts - 1M - GA 5) W2 income  (self and spouse)Thanks,Vidit

Very Rough Math:Purchase: $400k   PITI: $3200  FHA Loan: $14k downRent: Side A $1800  Side B $1200  (you occupy one bedroom in side B)Total Income: $3,000Live for free (nearly), enjoy 4% appreciation ($16,000) each year and principal paydown!

Whether you're aiming for short-term gains or long-term passive income, the choice between flipping and renting can significantly impact your financial goals.

Its like the guy who charges 10k to join and you have to split profits up to 500k.. all people focus on is the 500k and the 250k they are going to make which of course is rare to the extreme. the guru makes his money on the 10k and could care less about the trailing income.