Sec. 1.167(a)-(11)(e)(1)(i) provides that property is considered to be placed in service when it is “first placed in a condition or state of readiness and availability for a specifically assigned function” (emphasis added).

The largest was a 6unit & that took some time as each unit was rehabbed.

And honestly, the approach I take towards living, if your mortgage is paid off, you are pretty close to being wealthy in my mind, since it is by the largest expense most people have.  

if the nine dumpsters was the largest expense and you replaced the roof you Musta got a great deal on the roof. 

How practical is acquiring land to dev mini home/1-2 Bedroom functional home? 

It's a game of hot potato.Short-term rental valuation is a function of = Interest Rate, Replacement Cost, Cash Flow, Appreciation, and some others like Insurance/Easy of Operating/Taxes.  

Cap rate is a function of risk and desirability.

S Corps primary function is to reduce self-employment taxes, and rental income is not subject to these taxes.

The top issues include: - P trap improperly plumbed in bathroom- Moisture stain in one of the bedrooms- Double taps in electrical panel - False ground, or "bootleg ground" - Outlet GFCI not functioning - No air filter and nowhere to place one on HVACI'm actively looking to see if any  contractors can go over there with my real estate agent or look at the inspection report and see what's going on.

Once you have a short list, get an account with each one and run them through the wringer to see how they function.