The Value has gone up, property tax has gone up and we are no longer exempt because we are not residents and our HOA has gone up also.

This is pretty clean.Scenario 2:  Your partner has owned the house for 15 years and has been taking accelerated depreciation, so the book value of the house is very low. 

Furthermore, how important will be to have one of our team members providing oversight of the development process and what level of oversight is needed if the first option is selected.

I wouldn't imaging the state where the entity is registered makes a big difference for most buying and selling purposes as long as you can provide all of the required documents for title purposes.

Each grouping had a common room (perhaps it was shared by multiple groupings ... this was a detail I missed) with a nurses/aid workers office.Central to the two sides of the complex were common facilities such as a dining hall, gym {perhaps a pool ... another detail I missed}, theatre &  games room.With one of the fastest growing groups in our society being single people, we are examining a related idea of a  complex / building providing a modest-sized 1-bdroom "apartment" with more semi-private and common amenities.When I read the title to your thread, I thought it was a project proposing to mix students and seniors into a single complex ... and came in thinking, this ought to be interesting :-) 

Real estate has long been praised for its dual ability to generate cash flow and appreciate in value.

.○ Purchase Date - 10-15-2020○ Purchase Price - $230,000○ Original CoC 4.8%○ Current CoC 15.04%○ Current Value - $400,000How did you finance this deal?

Yes, I have been involved with several "mold" properties that still had high mold levels after remediation.  

It's highly debatable whether $50k can be considered "reasonable compensation" if you make $200k from commissions on the properties you sell yourself (as opposed to a split with your agents).

Focus on high-demand rental areas (suburbs for multifamily, tourist/business hubs for STRs) and consider scaling with the BRRRR method to build passive income.