If so when you SELL the home you can deduct up to $250K each (husband and wife) from the gain of the home and NOT pay any taxes. 

Know your income & expenses (including hidden stuff like township fees).Note how much rehab it needs to gain the rents it deserves.Do some research with your Realtor and lender, to see what it will refi for after its occupied. it's generally 70% of ARV.

I have no experience in the real estate flipping and my job forces me to make this as a passive investment than an active one. 

Very intrigued with note investment (non-passively) and wanted to hear what experienced investors do when the RE market softens or drops.

BD Lending is based in Chicago, I believe, but we do everything over the phone and email.I don't work for them or stand to gain anything by making this recommendation - they just came through for me where no other lenders did.

You gain acquisition experience, property management experience and possibly even some project management experience.

I have been investing for close to 40 years - hard to believe and I am going tonite - love to gain new insights and methodologies.

Is it worth doing a 1031, if youre talking about 80k gain?

I'm just looking to get an idea on good approaches to gaining rental properties.

@Scott MorongellYeah I was thinking of doing wholesaling or lease options but don’t really have the experience or knowledge to jump right in until my friends dad can start mentoring me I’m just trying to read and gain the most information