Use this as a basis for your analysis numbers for land prices. 

When a cost segregation study is also considered on the newly acquired property, additional analysis is recommended before finalizing the Sec. 1031 tax basis calculations.

While I'm still in the early stages, I'm committed to expanding my knowledge and understanding of the many opportunities that real estate investing has to offer.

Lenders might also require a history of rental income on the property or at least a market rent analysis to support the numbers.Given that you’re also looking for down payment assistance, which typically comes with its own set of lender requirements, your options might be a bit more limited.

That should be the analysis you do in order to get comfortable with the deal.

It would be interesting to do an analysis on the 10-20 year return pattern of cashing out a portion of your funds, pay the tax and invest in potentially better performing assets vs the REIT returns. 

If their timeline is further down the road (i.e. 6+ months) ask them how you can be of value to them during this preparation stage in their journey.- Experience.

I'm in the beginning stages of planning my annual trip to Central Kentucky in the second week of September.  

Does anyone have any actual data on the return on this component (previous appraisals, paired sales analysis, comparison on new construction with/without rooftop decks)? 

If it's not cash-flowing, it's not for me at this point and stage of my life.