@Nigel Rector - Ask him if he wants to avoid a huge capital gains and depreciation recapture tax (while retaining a monthly income) by owner financing it to you

Because I lived in the house for more than 5 years, the IRS rules seem to allow the 1031 exchange capital gain to disappear in the home sale capital gains exclusion ($250,000/$500,000), which is a nice loophole.Or would the IRS require me to allocate the original 1031 exchange basis between both properties? 

So that's usually the other dividing marker on that the other thing is let me get it out to you.I have rarely seen banks lend to llcs even if they're seasoned and they show gains.

Rates are still pretty low conventional, so you'd be leaving some gains on the table if you go hard money/seller financing. 

I personally place more weight on the long term numbers since you might only be living there for a year or two.

But I’ve found that my biggest gains came after joining coaching and mentoring programs.  

The management expense is usually the cash flow killer for investors, but they are worth their weight in gold when you account for the headaches and cleaning that needs to be done.

To say it another way, what's the 20% that lead to 80% of gained ground?

And this is why I am looking to connect with people in the local market and to gain experience in my early years through practice.And I'm happy to get to know and talk to anyone on here about really anything such as your own personal experience starting out, to the market in South Florida, building capital in your 20s.Also, the concept of taking my commissions as a broker from successful real estate transactions to then invest for my own is a concept I am really interested in learning about.

But if you have lived in the rental for 2 of the last 5 years, you should be clear up to $250k/individual or $500k/couple before you're hit with cap gains.