This a dangerous approach to real estate investing in an over priced market.

One thing I have to mention- Agents (I'm only speaking from my experience in NY) cannot tell you if a neighborhood is "good" or "dangerous".

@Clinton Felix-Millionaire real estate investor -never split the difference -how to win friends and influence people-5 distinction of a team-the book on rental property investing -the book on tax strategies for the savvy real estate investor-The Goal Not all of these are about real estate but they are books I would highly recommend if you ever plan on running any type of business or managing anyone.

I am NOT an expert in construction by any means - I only know enough to be dangerous.

Even a gentle bull can become dangerous just through the sheer power they possess.  

@Charles LeMaire, I'd assumed LPs were always non RE pros and vice versa for GPs but not for any good reason, thanks for pointing the distinction out.

If down the road you have a tenant who is in a protected class and you do not make the same kind of accommodation for them, then you are in danger of an illegal discrimination lawsuit.There is no point in having a lease that says tenants are responsible for breaking a lease early if you just let them out early. 

Making a broad statement not to file is dangerous for these reasons.  

I don't know anything about Legal in a Box, but if you're trying to do more than a plain single-member LLC with stuff you find online, you will be going down a dangerous road.

I have read (which can be dangerous at times ;-) ) that you can only deduct up to what puts at ' -25K'.