House is located in Menifee, CA

It might be legal now, but it wasn't that long ago and they definitely have prior experience with these scenarios.

Consequently, new homes in these locations start at $550,000.

The Shadow Ln property presented a high-demand location and a competitive purchase price.

Seems like the few people I talked to that are selling land in Florida are trying to sell it above retail without understanding that most of their potential buyers are going to be builders. do Not buy land in FLA without doing full due diligence  on all aspects . there are environmental gotchas that you need to fully suss out prior to waiving due diligence

I meant yearly K-1 reports showing yearly income from cash flow (prior to year of sale), would those be taxed as ordinary income please?

We also own Real Property Management Pulse located in Mission, KS.

Additionally, the right of redemption only applies if the property was owner occupied during the 90 days prior to the sale and this is not the case here. 

I'm an investor and agent located just north of you in Wauconda!

I would sell and invest in a better location closer to home.