Real Estate can offset taxes if you plan your involvement correctly.

Well have your GC walk it , so I guess your correct :) 

with my agent, knowing the numbers, and finding the correct kind of distressed situation.

If the numbers do not look promising, they will not lend and that tells you something was not figured correctly. 

The City Inspector does not add on more work...assuming you have the project correctly estimated in the first place.

I would then follow that up with a lease violation letter aka notice to correct.

This is what the attorney is focusing on on, that I did not send the security deposit notice to the correct "last known address" and therefore I violated FL 83.49.The attorney will argue in court that he or his legal assistant mailed the notice of last known address change to me since there is a proof of service filed in the eviction court, but as I previously stated, I never received it and did not know about the attorney until after being served with the summons and complaint about 2 weeks ago.This attorney has found a very lucrative loophole in the Florida landlord tenant laws and sues many landlords over a technical violation.

For our bookkeeping clients, as a placeholder, we usually do an 80 (building) / 20 (land) split until we have the correct figures from the county records (it takes some time for those to post sometimes) so their bookkeeping records show something we can refine later.It looks like you got some good insight from others too!

I would recommend you speak with your tax advisor and set it up correctly from the start, whether an LLC, Trust or something else.Also consider states different laws, maybe find a state with more friendly landlord protections. 

From the floor joist being cut from the sill plates and the entire house needing brought to level, the foundation requiring correction, to the no slope rubber roof leaking and needing replaced when I say I renovated every square inch of this property I mean that literally.