Fortunately, you will be able to to a 1033 exchange into new property and avoid any tax on the gain. 

If you live in the property for at least two years, you can sell it without paying ANY capital gains tax (unlike traditional flipping).We've done this a few times, but almost every time, we end up keeping the home as a rental.

Yeah I can see using the welcome aboard forums to pump up your comment numbers to make it look like they've been around a while before trying to sneak a pitch for some scam guru trash  I think warm welcomes are nice, but the carry more weight from people who have been around.

Take that year to gain some financial literacy and find out what types of investments you're comfortable with, and find the right people to help you invest it.BUT, if you have piles of debt that you can't keep up with, don't wait a year to address those...

The money from a refinance isn’t considered taxable income because it’s a loan, not a sale or gain.

Does the person have something to gain from their answer?

I think I’m more focused on long term gain, some short term cash flow is nice but I’m not planning to try and live on it or anything.

You will definitely learn a lot here - reading books and listening to podcasts, attending local meetups and conferences are all great ways to learn, gain advice, share thoughts and network!

However, these losses aren’t lost; they are carried forward to offset future rental income or gain upon sale of the property.3.

Hopefully, you have been able to gain more advice since then.