Your development deal will look much like a flip in the eyes of the IRS since it is 6-9 months as well you'll have the short-term side of taxes, not the capital gains taxing on it.  

But Brandon Turner mentioned Asana is what his company, Open Door Capital, uses (in BP Episode 479). https://www.biggerpockets.com/...

If pref equity's original capital contribution is returned in full, common equity may or may not have their original capital contribution returned in full.

Generally we raise capital from investors who want a fixed income and have enough meat on the bone to keep all the equity in the deals and push the valuation and also obtain commercial financing where we can get 75-80% LTV financing and still maintain a DSCR of 1.2+2.) 

I am happy to provide insight as I work extensively with foreign national investors in the US.

The tenant pools are great, as we are the State capital, we have two MAJOR hospitals, government jobs, large developments happening (out-of-state union workers), MSU, Lansing Community College, and so on. 

After he teamed up with a local intermediary in the Bay Area.. from what I read in the Wall Street Journal, Lockton has been helping investors streamline these moves.. he ended up freeing enough capital to invest in a mixed-use building in San Antonio that we’d been eyeing for a while.I’m no attorney or CPA, so I’m not giving legal or tax advice here, but there’s definitely something to be said for repositioning your insurance to fit your broader investment goals.

As you mentioned, it might be difficult timing the sales of each of properties where you can achieve a combined exchange (multiple properties into 1 property / or a few properties).Just a quick note that may be helpful - I work with a group of investors that can help with a combined exchange into a single property and will buy it back once you've found a replacement propertie(s) as the final destination for your capital.

This cabin is in the sierras near Giant Sequoia National Monument.

For example, i keep putting off finishing a basement as I’d rather buy more properties instead of sinking the capital into the basement, as the basement isn’t going anywhere.