Cash flow is the name of the game when it comes to controlling the asset so you are right it really doesn't matter whether the value goes up or down as long as you can carry it. 

I've dabbled in the new construction space here in Chicago and there is A LOT that goes into it...I'd highly suggest spending some 1:1 time networking with some other investors like @Jennie Berger or @Prashanth Mahakali who are both Chicago developersYou make your money with the land purchase and then systems/processes/volume over time in the development game, but it's not easy and competition is high!

Conversely, if the federal 8582 shows zero unallowed losses, is the game over for offsetting gains at the state level even when the prior losses were not used to offset the gains at the state level?

Last fall our girls soccer team had a game canceled because one of her friends found a dead body just off the pitch near the parkway.  

On the surface, I would consider house hacking here and play the appreciation game.

You made a generous offer, and it seems they are playing a game of racketeering. 

Your due diligence was done late in the game.

Don't focus on how you'll behave during an after-game press conference as a WNBA star when you haven't even played your first pickup game.Buy a property, learn how to manage it well, and see if this is the right investment vehicle for you.

I marketed this property as a business - as it brought in 155K in gross revenues , could go to 180K with some extra work.I see many people who got into the airbnb game 3 years ago trying to unload now, almost at cost.

@Jesse Santos whenever a prospective tenant wants to negotiate I tell them: “sure we’re always willing to accept more”, and then I don’t say another word.As a rule of thumb, if you enter into the negotiating game with a prospective tenant early on, you will be living with that their entire tenancy on all their maintenance requests, late payments, pet requests, etc.They have already shown you who they are as you thought the initial negotiations were over and then they brought you to round two.