$8 million loss on the previous quarter, during a huge economic boom.

It’s actually one of the few areas that allow them, which is why a lot of land in the surrounding area sells for a quarter of the price. 

we worked through the old owner and tried to get to the kids when ever possible.. all leads were leads until the logs were on the ground.. a few things we did to speed things up  were as posted above and pretty obviouswe set up 1031s  but hard to sell to an 80 year old who could not fathom how that could be legal.and a few did charitable remainder trusts  probably even more complicated and the ones' where we bought those deals I would say the sellers were pretty savvy folks not your typical tree farmer. so as many have stated whats the sellers best interest and your best interest is many times vis a vi taxation not aligned in any manner.

Rent it for $1,000 per quarter acre. 3/4 rented for $3,000/month. $1,500/month Cashflow. $18k per year.

Tomorrow - or even minutes from now, it can be different.The real value is in the credit report resulting from that pull.A recent retiree could have sterling credit - until their income becomes one quarter of what it was when they were working.Anyone can have sterling credit - until an illness or injury lands them in the hands of the healthcare syndicate.

I've also posted a note on each of the 2 basement doors, that basements are not living quarters and you can't hang out and sleep in them at night.

And since you have some 30 years for your money to grow being sheltered from taxation you may want to consider converting some of it into Roth IRA or 401k and investing tax free.

Going forward, I don't intend on being an active agent buying & selling homes, so my question is, short of giving up my license, is there any option to not pay all the quarterly board dues & broker office fees, E&O, etc., but keep the license in some "reduced" status, so I can still possibly reap the benefits of the real estate professional status for real estate investing.

If utilities are individually metered, if there's deferred maintenance, etc. all of the way down to what you think it will cost for quarterly pest control. 

.- Accountant (yes, I'm a CPA but unfortunately my experience has nothing to do with small business set up/taxation issues), it would be great to be able to sit down with someone to figure out how to best structure everything for my situation.