I just wanted to add one other piece of advice here that I didn't see mentioned.

If not for 2x6 walls these things would never make it down the road in 1 piece.

I’ve had random individual pieces of K&T show up where there’s no other indication of anymore any where in the building.

Appreciation happens while you aren't looking... suddenly 5-10 years later the property may be worth $50-100,000 more than you paid for it and you will think of yourself as being "so smart" for investing in a piece of property! 

Then possibly selling an equity position in the debt stack to get a promote  

I got missing pieces of the SF puzzle and plenty of motivation and entertainment.

., it is perfectly fine for two LLCs to own differing or identical tenant in common interests in one piece of real estate.  

@Joseph BerhaneHere is the piece I wrote about your backyard....https://www.biggerpockets.com/forums/20/topics/440...

Quote from @Daniel Rabinov: Hey,I am considering buying a piece of land to develop 8-10 houses on it with common area and amenities.Does anyone have some excel sheet or calculator that can help me check the viability of it being a good investment?

Just curious as there is always some other nifty piece of software with its hand out to reduce our net profits