I'm completely new into real estate and only the extreme basics, but still a newbie.

But very unlikely with W2 income and a full time job.But this is an awesome concept as you could basically collect rental income for several years and never be taxed on it due to passive loss carryforwards if those build up. 

IRC covers many of the basic of NEC. 

Basically why they did that was to deter investors from purchasing locally.

The barment & clear title is basically what @Rick Baggenstoss described.

So Basically as mentioned by Metro Water, consulting with a Civil Engineer to get a quote to understand the projected cost of the project. 

Monopoly is the one I'd think of, but even sitting down with them and making your own game where they learn basic finances and budgeting (and how to do math) will put them ahead of most people. 

Zillow is the basic starting point if you are still struggling to find data.

Correct me if I'm wrong but since the Roth IRA has no tax liability, the depreciation deduction is basically lost.

Basically, reversing the approval.