Getting rich with rental property

Looking for a way to really retire in style through rental property?

According to Tom Lucier, author of The Florida Landlord's Manual, you could become wealthy just on income property alone.

Here's how:

If you buy one house a year for 10 years, you would end up with 10 houses that have appreciated on average 40 percent in value.

So now you start moving into them. If you live in each one for two years, and if you're married, you don't have to pay any taxes on the first $500,000 you make when you sell it. You have to live in the house two of the last five years, so you could do it repeatedly, virtually forever.

"You own the houses for 10 years, realizing all of the tax write-offs and depreciation, plus you get the equity buildup, and every two years when you sell a house, it's all your money," Lucier says.

"There's not a taxable event because it's your primary residence. You don't pay any Social Security or any Medicare on that. You're absolutely tax-free."

Jay MacDonald is a contributing editor based i