However, this strategy has been used successfully (without IRS challenge) by numerous property owners for nearly 20 years, including many public companies that have reported their transactions to the SEC, with the full acquiescence of their boards and outside auditors.

Been reading numerous personal finance books and lurking BP for a few months now, but the savings are finally shaping up, so I've decided to take it more seriously :) I'm a recent college grad from the bay area who's been in industry for about 1-2 years now and I'm really interested in setting up a positive, reliable cashflow for myself to reach financial independence.

There are numerous ways an owner can carry financing. 

There are numerous other reasons, but that is the main one.

There are three costs you must be very familiar with LandSoft (carrying costs, entitlements, impact fees, association if applicable, maintenance, etc)Hard (home construction as well as site construction)Have done numerous MF and SF developments. 

I have looked on numerous websites and have been unsuccessful.

Are you doing all the work or are you purchasing from a big box supplier?

Are you doing all the work or are you purchasing from a big box supplier?

Are you doing all the work or are you purchasing from a big box supplier?

Would you all recommend keeping the property as our first rental or selling the property and reinvesting the 120k in numerous properties?