If you owned the home for at least 24 months (2 years) during the last 5 years leading up to the date of sale (date of the closing), you meet the ownership requirement.If you received Form 1099-S, Proceeds From Real Estate Transactions, the date of sale appears in box 1 of Form 1099-S.If you did not receive Form 1099-S, the date of sale is either the date the title transferred or the date the economic burdens and benefits of ownership shifted to the buyer, whichever date is earlier.

If you are planning to get serious I would also suggest to upgrade your membership to get more benefits for my his website. 

Even if I were not a licensed realtor(which I wasn't at the time) I don't see the liability in selling to a company that provides the benefit of buying a house in as-is condition, quickly for cash. with no contingencies except clear title. 

I have seen a lot of properties lately on the MLS that disclose that the seller is doing a 1031 exchange.Are there any benefits or different strategies of trying to buy from a seller doing a 1031?

For example.Investor lends 100k for the purchase of a 500k duplex.Homeowner lives in one property and rents out the second property for 1500 a month.Pays the investor 834 a month (10,008 annually) and keeps the remaining 666 from the income property.The investor is getting a 10% roi while the prospective owner is getting some income from the rental property, access to the housing market (and as such all of the associated tax benefits) and doesn't have to pay mortgage insurance.Of course there would need to be some sort of security and the lender could have their name on the deed?

I know, I was one of them, - To my benefit I can say I was one of the cautious ones who did do their homework, and thus landed up buying in relatively good areas.Having said that, and even with the knowledge that I probably overpaid for my first two properties,  I am still getting a good return and have gone on to buy more properties in Detroit.Like anywhere (and in Detroit more so than other place) it is really all about the people you are working with on the ground, and the local knowledge you have or have access to.

Just finished one last month in San Bern.You'd really get great benefit by studying CA real estate title, then probate.

Others will benefit greatly from this. 

-I've heard that the tax benefits make it worthwhile and that i can run a number of expenses related to my property through the LLC as tax deductions (phone bills, miles, etc).2.

I have the benefit of living here so can't beat it.