We are closing on a property meant exclusively for STR in 2 weeks.

Also, I was debating on whether to 1031 exchange it (as it is a rental all year down stairs and I rent upstairs out in the summers, I think I would qualify or just take the homeowner exclusion of $250k?  

Additionally I sold some property I foreclosed on to people I met at RICH.When I decided to concentrate on commercial property exclusively RICH became a less valuable resource and I dropped membership.  

@Jacob MunsonI agree with above comments, hold onto the condo and rent it for 2 to 3 years so you still fall within the 5 years of ownership for the capital gains tax exclusion then maybe sell at that point. 

@Kapil Patel she's refering to the capital gains tax exclusion on properties that were owner occupied for at least 2 of the last 5 years.More info here https://www.irs.gov/publications/p523/ar02.html

I know mine went down one year when I got an exclusion for a metal roof but my payments never changed. 

I did check the Virginia Residential Landlord Tenant Act, which states that an application fee "shall not exceed $50, exclusive of any actual out-of-pocket expenses paid by the landlord to a third party performing background, credit, or other pre-occupancy checks"

I would recommend looking into the specialists in your area that deal exclusively in multi-family investing.

First it would be good to define your path in REI and your goals.Do you want to wholesale exclusively?

If you do this then you would be eligible to both take the primary residence exclusion tax free.