You don't want to refi and cash out, because then you could get into it being reclassified as a sale by the IRS and then §707(b)(2) will be triggered and the gains will be treated as ordinary instead of capital and that will cost you 15-20% in taxes.Originally posted by "REI":You are still legally liable for the loan.

You might not be able to gain access and the utilities might be turned off.

It should be expected that there are things to learn and that you need to get out there to gain experience.

If I lease purchase a home and pay a lease payment for 2 years and then find a buyer to buy it, do I still get to write off the whole capital gain amount even though I only owned it for an hour if its a double close?

So my question is, if you were in the same shoes would you attempt to sell the house at the end of 2008 to avoid paying capital gains tax or would you keep renting.

To pay for the tax relief, the lawmakers approved rules making it harder for people to exclude as much as $500,000 in profit from capital-gains taxes on the sale of second homes.

In the past six years, I have rented, rehabbed, and/or leased over 25 properties all across the US.My main objective of branching out to this forum is to gain knowledge and network with ethical real estate investors.Thanks for your time!

I would like my first investment to be a small flip where i can get a good profit and gain experience.

Just looking to start off small and build up little by little and gain experience.

I am assuming that we could sell the condo after the two years are up and hope that the property gained in equity. 1)I keep on asking myself what I am missing.