Thank U for this.

When u make profit on a rental how is it taxed at the end of the year?

Your sale qualifies for exclusion of $250,000 gain ($500,000 if married filing jointly) if the following is true:You owned the home and used it as your main home during at least 2 of the last 5 years before the date of sale.You did not acquire the home through a like-kind exchange (also known as a 1031 exchange), during the past 5 years.You did not claim any exclusion for the sale of a home that occurred during a 2-year period ending on the date of the sale of the home, the gain from which you now want to exclude.

@Tera Carter , CL-Craigslist, FB-Face Book, JV-Joint Venture.

So u saying the more I sound like ibkno what I am doing I don't have to worry about them asking for proof of funds

Did u get any calls?

I'm also interested in the possibility of creating some possible joint venture, limited and/or general partnerships and/or LLC relationships in the San Diego area.

Good to know @Wes Brand, U was actually going to contact them this week.

So as long as you and your wife didn't get the loan jointly she will be able to qualify for the loan on your next purchase.

I wish I had known that little trick from the beginning as the first few properties we purchased we did so jointly.