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I need some "foolish" advice on flipping, etc. I am purchasing another home with a home equity loan from my homestead property. Sales price is 109K. I have appox 100K in my savings. I need to pay off my homestead with 59K, and can finance the whole shebang for the new buy. Would I be better off doing that or put more down on this piece? Or just hold on to my cash for other ventures or pay on the principal of the new loan. Hope all this makes sense. Thanks for any advice. Oh, and another question please. Does one need to hold on to property for a certain amount of time in order to avoid capital gains. I think so.
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