I created the site for those interested in seeing the steps needed to get started.

However, my experience is that the method of advertising is much less important than the advertisement itself and the unit.

I'm going to just step out there and show my ignorance -- what is a "CMT"?

With that info you can ask for references, check public records, and make a more informed decision.I would feel more comfortable if they were experienced in the following areas:Local/state laws and ordinancesBudget managementFinancial analysis/projectionsEvictions/CollectionsLeasing proceduresProperty maintenanceMarketing/Advertising for new tenantsTaking it a step further, you can even request pictures, brochures, etc.of any properties they are currently managing.

I haven't made a deal yet...but I just figured out what step I was missing!

However, any gain attributable to depreciation is TAXABLE.I guess it depends on (1) the amount of gain, I live in TX and we pretty weak housing appreciation, (2) the hassle factor attributable to moving and (3) how much of a step down is it to go from your current (rich landlord) home to move into one of the slums that are your rentals, LOL.If the mortgages are nearly paid you're reaching the point where the cash flow gets really schweeeeeet!

Actually northern VA.I have been interested in investing in real estate for quite some time but have not yet taken the first step.

I am listening, you can tell me what is next step and how soon?

Is it better for him to sell it now before the 2 out of the last 5 years requirement expires (for the capital gains exclusion) or to just leave it as a rental and sell it much later after he's gone with a stepped up basis.

It sounds like you want to know where you can find motivated sellers.This is only a first step though.