It was a basic model with low end quality components. 

So the interest and the fees should be reported, the principal component of the payments are not taxable,

Note that this condition does not require the loan to be fully amortizing, meaning that a balloon payment can be a component of a one-property exclusion loan.Second, the loan must have a fixed interest rate or an adjustable interest rate that remains fixed for at least five years.

Once the property is under contract I will have the property inspected to determine the age and condition of all major components and appliances.  

A home inspector is uniquely  trained in so many components of a home that a Section 8 inspector has NO CLUE about.

You're definitely missing the leveraging component of real estate.

Now I know this is a very broad question and there is so many variables to give a honest answer, such as far as how they financed the project, what they are building, the size of the property and a ton of things more to consider.But for this post lets just use developers who build luxury spec homes. for instance we can use a big market like Los Angeles, how much do they developers really make who buy a single family house and develop a new luxury modern home and then put it on the market for Millions and millions.Seems like there is a ton of risk involved with it, and also seems like they rely heavy on financing with both debt and equity component.

I found that a lot of list brokers aren't able to provide equity filters and it's a shame that they sell them to investors because that is such a critical component to getting a deal.

This has served me well- but this is only one component of my responsibilities.I love owning a rental property because it allows me to engage in different jobs and responsibilities.

There are many pros, but two cons that seem most prominent in my mind of the bat: 1) getting a license doesn't make you an expert out of the gate, even with MLS - an experienced real estate agent can guide you into an emerging market that you might not know about vs. an obvious, saturated market, for example, or explain why a comp only .2 miles away is actually no good for your prospective purchase, among other things 2) if any litigation were to arise in your r.e. business, having a license will almost undoubtedly mean you are held to a higher standard, probably with respect to any aspect of the deal.