I was envisioning some dude with expensive bespoke suits, gold watches and driving around in a Rolls Royce but he was super chill and down to earth. 

That's all I have to contribute...carry on. lol

If you don't panic you might not have to lose that much money.A big part of this is your ability to carry the note right now.

While I can see how having some POH's isn't the end of the world, especially if you have a solid plan to transition to TOH's over time, for someone with no "experience" and not a ton of startup capital, my major concern is being able to get financing if I can't secure a seller carried note.

These regulations are designed to protect the environment and ensure that development is carried out in a sustainable manner.Social Factors to Consider When Choosing a LocationThere are several social factors to consider when choosing a location for real estate investment.

Your accountant files the form 8824 at the end of the year and everything is documented and your basis carried forward smoothly.

Losses, including carried forward from RE (tax form 8582) can be used to significantly offset roth conversions in early retirement if you keep income under the threshold. 

I dispose of time and am fairly passionate to diligently carry out a real estate project for the next year.

You may carry on now.

If not and I could carry the cost then I would also keep it.