Hi Darren,Diane and Michael are correct; under Section 121 of the Internal Revenue Code you (as a single individual) can exclude $250,000 of capital gains from your taxes if you have owned and resided in the house as your personal residence for 2 out of the 5 years prior to the date of sale. 

Take advantage of all the free resources this site offers you such as the blogs, podcasts, articles, and the extensive networking opportunities that are available here on BiggerPockets.

There's a myriad of niches in real estate investing.Once you discover a niche you feel comfortable with, then take advantage of the free resources available on the site. 

That's the date that starts the clock is the recording date. 

@Alan Hamilton listsource.com is a great site to buy a list to start out. 

Since they won't actually be signing a lease until the move in date, what would be the best possible way to write up the transfer of this fee and still be protected on all sides to be able to keep it if they decide to back out before giving the rest of the funds needed to move in (which of course I don't anticipate happening). 

Listening to the courses and traveling to the venues he had in Dallas and Orlando helped me more so than my wife with my real estate knowledge, and I say me more so than my wife, because she introduced me to real estate when we began dating in 1999.

Actually one question, for investment clubs.. can I find them on this site?

As you can see from this thread there are so many knowledgeable and helpful investors on this site. 

There is a turnkey review site that was create by a few very prominent contributors on this site.