But if costs are high or demand is uncertain, holding onto the land while monitoring the market might be the better play.

Would love to help you with the BRRRR process and sit down for coffee Hudson.

However, when the first buyers failed to come through with cash as specified in their terms, the seller pulled out and offered us the opportunity to purchase the property at the asking price, and we did.

Then use those funds for the rehab of the other property.   

Am I understanding that I would need to pay taxes on the  $25K profit, and if yes, is that worth deferring with a 1031 exchange or just pay the taxes now and have less of a time constraint?

We all know that mistakes are part of the learning process, but I’m curious to hear what specific challenges you faced early on and how those experiences shaped your approach going forward.What was the biggest mistake you made when you were just starting out?

Just moved from California to SC and started a syndication team.

For an SBA hotel loan, the SBA may guarantee say 30% of the loan and a traditional bank takes the next 50%...total LTV/LTC of 80%...will vary by business but it's higher/better than the previous replies (otherwise, you would just get a traditional commercial loan without the SBA involved). 

The program payment just about paid my mortgage PLUS one of the best experiences I had. 

Hey Connor, welcome to the club!