As you can imagine, I'm a bit biased :)

I would imagine your site work costs is strictly a budget since you have not had any civils completed.

I think people are having to wake up to thinking outside the box.

I can't imagine an STR in Fairbanks most of the year.

You'd have a deficit, but I would imagine (and hope) with 20 units you'd cash flow enough to be able to cover it, and then... ideally... you won't have to worry about replacing at least 4 of those roofs in the near future, so less capex expenses to worry about lol.Consider this an expensive lesson and make (and stick) to a good repair/capex/emergency budget, or... if you're going to hate RE regardless... just hire a PM... but make sure that's in the budget, too lol.

Do not cheat on a basement build and the egress issues, imagine a fire.

I don't know the area at all, but even more importantly, I can't imagine I have the same investment goals as you.At the end of the day, you are not sharing what state this land is in, let alone what town.  

This development is a critical wake-up call for investors, property owners, and market analysts alike, signaling a need for strategic adjustment and vigilant market watch.The Catalysts Behind the SurgeSeveral key factors have contributed to this surge in foreclosures.

Owning investment real estate comes with inherent risks - that the PMC doesn't want to assume and really can't afford to. lol, imagine thinking you shouldn't have to pay just because you didn't do anything wrong.

So there are a few ways to look at this, the 1st question is are you sure your renovation’s will double the property value, most renovations on primary residences, your lucky to get 60-70% of the dollar cost back out upon sale, so really nail down your comps, than you have basically a math problem if your rate on your primary goes up how long if ever before that extra payment is more than 400k in taxes, that’s just a simple calculation to help you decide, but I suspect you actually have a different question here, from a purely financial perspective my guess is the best option is to do anything to avoid that tax hit, but one of the reasons to make money is to spend it on things that you enjoy, based on your overall financial picture and a subjective view of how much enjoyment you will get out of a renovated home, you should decide if you want to roll your profit into another deal or “cash-out” your winnings, I love cars and I’m willing to spend more than is fiscally smart on them because they bring me joy, there is nothing wrong with that, but i don’t think it’s a fiscally smart choice, without knowing your exact property id imagine a renovation would fall into that category, so that’s the terms I would use to decide.