The Governmemt then “sold” individual apartments to their occupants or other interested parties for $500.

Is anyone willing to run some comps for us as we want a 3rd party opinion from the wholesaler. 

This all comes down to how you're structured, how the flip cost were accounted for, if there is a partner (you mentioned "we").If it is an S Corporation and you "distribute" or "sell" the property to yourself, if there is any loss on value, which probably there isn't, know it most likely won't be deductible if it's a related party transaction.  

I third the sentiment!

Infact, I personally dont like the model where the property needs to be exited in 4-6 years to be able to realize PnL for all parties involved.

The rough part is this might be a January rental.

If you want to be real sure, you can have him do the work and then pay another accountant  who is a real estate specialist to review it before filed.The other part is your situation.

We reimburse up to $15 per month third-party transaction fees for using the ATM cards, if incurred, for pulling cash out of an ATM machine. 

@Chris Watkins and I also teach a "New Investor Series", our third class for how to scale up to multiple properties is in November.

Just buy a third property when you have the downpayment and reserves set aside.