2 BDR/1 BA Rental in Chico, CA
Looking to start renting our current house (House #1) and live with the in-laws while we shop for a bigger house (House #2). A few details...
We're about 9 months short of our 2 years needed to avoid capital gains. Hence, why we're exploring renting. The next house would likely be another 2 year flip. At which point, we'd likely sell House #1 and House #2 and do a 1031 exchange for the House #1 funds into a new house (House #3).
A few questions...
1) Obviously, theres a few more details that go into this scenario...BUT, at surface level, are there any foreseeable issues that I'm not thinking about? Are there other questions I should be asking?
2) What would be some "best practices" to start getting into place now to prepare for transition our current place to a rental property?
Thanks for any and all input!
Much appreciated,
J