On an annualized basis, asking and effective rents are projected to rise at a rate of 3.0% through year end 2026, reaching average rates of $2,569 and $2,462 per unit, respectively.Full Market Report

Is it accrual basis or cash basis? 

Take a look at BP's blog where new articles are published every day: https://www.biggerpockets.com/blog4.

So I've been doing my own taxes in Turbotax for 20 years now (I only own 2 rental properties but both were BRRRs), and I finally got stuck on something and went to a CPA 2 years ago, and he reviewed my past 5 years of returns and pointed out that I had made multiple mistakes (incorrectly categorizing repairs vs capex, calculating basis and therefore depreciation wrong, failing to realize that certain expenses for a home converted to a rental property start being deductible the day the property was placed in service vs actually occupied, the list goes on). 

You got to be here to do it right or know your team here is watching it all everyday.  

if this was a rental property the gain on the property is whatever you sold it for minus your purchase price (broadly speaking)… there’re are various expenses you count against both your basis (purchase price)  and against your gain from the sale.  

My main concern is regarding cost-basis and future capital gains tax when I ultimately sale the property. 

I'm also reading about a step up basis which would pretty much make capital gains tax my Dad would owe, zero.

If so, we finance SPEC builds on a regular basis, both single unit and multiple/subdivisions. 

Take a look at BP's blog where new articles are published every day: https://www.biggerpockets.com/blog4.