If not, any obvious alternate investment that I could do on the property to raise it's value, get more rent, or save money that I may be missing?

I find Art.com and Wayfair to be hit or miss on quality.  

Visibility drives click ability, and not using the full length of the ad to add keywords and business-related details is a missed opportunity when you’re fighting for every click in Google Ads.Conclusion:If you know you want to get off-market seller leads from Google, and already committed the budget for it, make sure your ads are optimal and that your keyword selection will not cause you to appear on ones that will waste you time and money.The Google Ads landscape is fiercely competitive in today’s market, demanding an investment of several thousand dollars per month to gain meaningful traction.

I keep thinking I'm missing something here. 

Stop hanging out with your deadbeat buddies who spend all day drinking, talking sports, and otherwise wasting away.

This is the real estate version of “dollar cost averaging.”So even though home prices do go up and down, they tend to go up overall.If you get in the market you are getting a piece of the pie, versus waiting and missing out.For example, you might end up selling when prices are lower, but then you are buying a new place when prices are lower too.

This question kind of misses the mark.

Besides land, infrastructure/site work, and the building construction itself, am I missing any other major category of costs?

Is this a situation where you need to BRRRR them for them to work or am I missing something?

The IRS focuses more on discrepancies, missing information, or suspicious patterns rather than the sheer volume of the return itself.It’s great that your CPA is knowledgeable and has handled IRS representation before.