At about 7 years you'll find that depreciation may not be such a tax advantage and that churning you rental inventory might make sense, if that's the case a 7 year balloon would be of little concern and is a term that can be accepted more readily.

@Aaron Ram My apartment complex is full right now, and it's a nice location for a nice price, so I can't imagine it'd be hard to not use that for my advantage.

He gets the advantages of deductions to run his business.

Hey Andy,Please dont say you have a green that all the females loved and not share the actual color!

Also curious about the advantages of being able to use the MLS for investment purposes.

When they ultimately do sell with the intent to take advantage of the 121 Exclusion, the capital gain will be "prorated" as Steve mentioned between the number of years the property was held as rental versus the number of years the property was held (and used) as your primary residence.

But anyhow they started to text me and call me and they think they are not liable because they didn't sign anything, I said there was a contract made, so I said talk to a lawyer or take me to court and I am willing to take this to court and then they demanded their money back and gave me guidelines to give me the money back, so to me they are being very forceful and trying to be aggressive with me, to me there has to be some repercussions for people trying to take advantage of you.

Don't be afraid to use your newness as an advantage.

The advantage to turning the water off is that if the pipes do freeze and burst, you won't have a gusher when they thaw.

If someone is willing to accept it I'm happy; however, I don't want to take advantage of someone.