I have just begun to binge read the posts and am excited to make some progress towards my first deal.

If construction on the Master Planned Development, and specifically the center you reference, has not begun then do not close on the property. 

The people who are bringing their offshore money here have a lot of it and it won't take much to find a good lawyer who can steer them clear of these taxes if it is a concern.I think the government has been planning this tax for months, but has just introduced it now as sales have begun to slow.

So, we've begun working on the certification process for our first MB project, which is 80 acres near Marysville with a 15 acre undeveloped trout lake right in the middle.

I have spent every free second I have reading  on bp and have already begun to ask questions. 

I had something similar done in San Antonio and the estimates were a lot less.I have heard/seen investors use the "square foot method" and they broke it down as follows:Light rehab = $10 per sq ftMedium rehab = $14 per sq ftHeavy rehab = $21 per sq ftEstimating repairs costs is more art than it is science... plus there is always the potential for finding really serious issues once the rehab has begun.

As we've begun the loan process, the numbers have come back higher than I initially anticipated before making the offer.

Have you begun marketing for properties?

(PARTNER ONE THINKS.this method drains the $450,000 slowly but surely to pay overhead and monthly living expenses and keeps us at the "continued risk of the market every time we pour money into a rehab hopeing the market doesn't turn before it's sold")...but this partner #2 sees another correction that has already begun and opportunity down the road to buy cheap again to hold AND MEANWHILE SAYS WE'LL JUST HAVE TO INCREASE INCOME BY DOING MORE DEALSWHICH DIRECTION WOULD YOU CHOOSE AND WHY??  

Have you begun to plan for your ETS?