I had an existing business fall to pieces and am in the process of looking for a job (or other means of income), so money is hard to come by. 2.

I think that is a very important distinction.

So, I bought a piece of land that I planned to build a new home on for me and my family.

It doesn't matter if you deduct it on schedule C as a management expense, or schedule A as a contribution, the result is exactly the same.Perhaps a distinction you're missing/misstating: "Meant Schedule A, and the Charitable Contribution is deducted from the Tax you owe, plain and simple"Charitable contributions are deducted from your taxable Income, dollar for dollar. 

Arman, deals are the most important piece.

Many times, looks worse than it really is .Its a piece of sheetrock or two, 20 bux , clean up, repair the leak, 250. 

Those are the pieces of info I'd need to get started.

it's possible but unlikely. a great CPA who specializes in REI will be able to help you plan AHEAD for tax time and use different pieces of the tax code to your advantage, based on your unique situation, and ultimately save you way more in the long run. would you rather pay $750 to have a return done & get a $5,000 return, or pay $30 to have a return done and owe $5,000?

If you are working directly with sellers, my best piece of advise would be to find out what they need, generally there is a pain point or some sort of distress either in the sellers personal life or with the house itself.

First piece of advice I got that shaped it all.