Since these costs have already been incurred years ago, do I still take them into consideration?

If there is a lot of upside in the deal, and cashflow is still positive I think that's worthy of consideration.

@Aaron Dominy   Building supply chains have eased considerably in the past 2 months, thus the time-frame to build in Galveston has shortened.

You may also be acquiring leases that you don't want to be stuck in.Generally if you acquire LLC units, you will be able to at least get a federal basis step up in the underlying assets.Also generally when you acquire LLC units, most states still trigger real estate transfer taxes. 

This years higher than normal W-2 income coupled with the idea of being able to save a few bucks on tax has me giving more serious consideration to this idea. 

They are good tenants and you should continue treating them with the respect and consideration of nice neighbor. 

He is definitely the best I've experienced in Wholesale education, and I gained considerable knowledge from the Pretty House and Lease/Options bootcamp, too.

Even though they do a lot of the heavy lifting on sourcing and analyzing deals, I would never pull the trigger if I hadn't run the numbers myself.

Real estate in most scenarios is not a "burning much money" type of investment unless you are buying property that needs considerable work.

This should be considerably less expensive.