This topic contains 0 replies, has 1 voice, and was last updated by Onealia Camp 1 week, 4 days ago.
- November 7, 2018 at 7:34 pm #277113
I was wondering. To be an owner/occupier is the following a sound or advisable strategy:
1 . Buy a fixer-upper and pay cash for it.
2, Move into it and claim as a homestead for the year that you work on it.
3. Rent the home you moved out of to a relative for the year while you are doing renovations to a fixer-upper.
4. Sell the fixer-upper after holding it 1+ years ( Paying capital gains at 0-20%) OR live in it for 2 years then sell paying NO capital gains.
5. Kick relative out of house #1 and move back.
This is in the state of Florida. It’s my son’s house. He already bought and paid cash for it. It currently has renters in it and he would need them to move out to completely gut it and do the renovations.
He owns 7 other rental houses but has never “flipped” one per se.