Under current tax law, you absolutely can escape paying income taxes on a certain amount of your profit. The homeowner flip is not a fast flip, like some of the others, but it is still a strategy to own or control property for a short period of time, improve its value, and sell at a profit. Tax laws in effect when this book was written allow homeowners to sell their principal residence and make up to $250,000 in profit ($500,000 for married persons) as long as they owned and lived in the property during two of the last five years. In other words, if you lived in the house for the first two years, and then rented the house out for the last three years, you can take advantage of this tax break. You can do this type of flip every two years with these same tax benefits for as long as the tax break exists.