For example,. if you own rental property and have losses that a deductible because of the depreciation, those deductions phase out with higher income. 

Market, neighborhood, cycle phase, asset type and class etc determine whether to flip or hold or assign or SF or LO. 

The ability to use passive losses from real estate starts to phase out if your income is $125k, and disappears completely at $150k.

James, here in Florida we sell homes all the time that are in the pre construction phase.

We'll use this time to conduct DD (Phase I, Phase II, etc) and work with the city on getting the land rezoned / entitled. 

You need to crave the end result so much everything in between (what you are going through now), does not phase you.

I think the niche I enjoy is the acquisition phase, and I know nothing about rehabbing or managing. 

I mention this phase of my journey because you could go this direction.  

Newer and newer requirements are becoming mandatory slowly in design be it high energy efficiency, material which gives more light-air but blocks noise pollution, unhindered connectivity, better insulation, common areas designed for privacy.Which trends you think will be in future of construction specially in term of Design phase and Materials which will allow designers and developers to deliver future requirements.

This could get messy.....I found a better method to be this: ask for an invoice for each phase (or so) of work...i.e Demo/Foundation, then Framing, rough, then Electrical/Plumbing /HVAC.