And perhaps one of the best parts, is that if you live there for two years, you can sell without paying any capital gains tax. 4.

In my time off I've gained a much better knowledge of things to look for as well as constructions knowledge after renovating my own house.While I'm open to any opportunity, I'm mostly interested in the Monmouth County, NJ area.

“Competitive advantage” is closely tied to local market knowledge.Research, investigate, and visit several markets.Pick one or two and then become experts in the chosen markets.That’s how one can gain an edge.

@Mason DePeal If there isn't much room on the rental side and you've lived in the property, it may make the most sense to sell off to take the primary residence capital gains exclusion when you sell. 

My net gain on it is still incredible, so no worries on income!

The management company would carry the liability and since it has no assets, there isnt anything to gain from a lawsuit.

Don’t get any financial gain, just want him to know I am happy with him and want to share.I can’t post number or email in the forum posts but if you want his contact info feel free to reach out to me.

Out of your $500k gain, only 31/71 portion, or $218k can be excluded.

When we did the exchange, we took out $25k knowing we would be taxed on this portion of the gain. 

@Sofia Galan the Seller can defer their capital gains into periods in the future.