I dispose of time and am fairly passionate to diligently carry out a real estate project for the next year.

If it was, how many of them could you afford to carry. 

I've done some additional calcs and I'm going to need $110k net income (which includes all carrying costs) to break even. 

(I can just do more tIRA withdrawals to tweek AGI to suit)2.) 5 yr carry forward of excess deductions - (could use to draw down ~$800k tIRA BEFORE RMD or more Roth rolls)Situation: Very desirable but very hard to sell income property (older (1979) small, low value Mobile home,(home = ~1/6th the value of property - Banks don't lend with that ratio) Beautiful acreage, (3) large shops, pond, barns, Very livable cabin (knotty pine!)

Our agent wants us to counter much higher take a chunk down and carry $4MM @ 10% until the construction loan or a deadline we define ( should be quick ) What are the risks vs a cash offer? 

So, if I did an electrical upgrade that was inspected by the town, and my house burns down for faulty wiring (that was inspected), the town carries no liability. 

Here's my situation:Debts$127K loan @ 16.99% for an investment property rehab - $1963/months fixed$50K Heloc against primary obtained when rates were low and has since adjusted to market (high) rate $36K (three business credit cards at diff rates, lowest at 22% apr)IncomeMortgage 1 income after expenses (primary carrying the heloc -) - $600/monthMortgage 2 income (also primary) - $ 162/month ( not enough equity in this to sell right away ($70k) but area is growing like crazy)Mortgage 3 income (investment) - $720/monthMortgage 4 income (this is the property the127k loan was taken against) - $856/month - This is the one i am considering selling.

So response is slower, as they park in a safe area and string hoses or carry the medical stuff to the house.Look for a place with a lot of off street parking. 

I can put a large down payment and seller is apparently willing to carry due to the unfinanceability of the land.

Passive losses are typically carried forward to future years and used to offset future passive income or gains from the same activity or a similar one.However, there is an exception under the tax law for "passive activity loss limitations" when an investment is disposed of in a complete disposition.