Build a strong team, prioritize cash flow, and take the time to understand the local market and regulations, especially for development projects.

You need to understand that we are only obligated to whats in contract.

Quote from @Max Martynenko: Thanks for your understanding and sense of humor!

I just dont understand how people are buying at such low caps ?

But this right here..... this is a solid answer.

but careful planning and documentation are essential""...making sure that your wife understands what she needs to do to document her hours and activities."

You understand some of the basic concepts, but also have some giant holes in your plan.

It is my understanding that gifting a property does nothing to step up basis as the capital gains would follow the gift. 

Thus, my main goal joining this forum is to try to gain confidence in the decision to get into real estate investment and better understand the risks that I may not be considering due to my lack of experience in the field.

It helped me to do more research and better understand that I’d like to buy property elsewhere and rent that out, rather than renting my current property.