Alternatively, consider a cash-out refinance or HELOC to access equity for future investments while keeping the property.

If you do get a second set, make them yours, and assign the tenants each alternating days to the other. 

Regarding materials, it's not just the units.

Every day in the Facebook group, someone gets ripped off or stolen from by another "community member", and generally, the posts have an air of feigned positivity because he even alludes in the course material to the fact that if you share anything negative, you could be kicked out and lose your course dues. 

As a GC I can advise try to retain control of your finishing material orders (anything where you need to make a choice ((tile, flooring, lites, faucets, tubs)) vs. construction materials (2x4s, mortar, shingles)) because we get those discounts on the finishing items and we keep them!

I could also see this as an alternative to installment agreements if they were ever dissallowed by congress. 

Indemnification clause indemnifies for everything except "material breach of this Agreement or its willful misconduct."

What information or materials would I need to file one?

Not saying I would abandon this if I can't qualify for the material participation, but it is a factor.Any input is much appreciated!

The labor and materials cost varies widely in different markets.