Nice, but confusing.Our situation: FICA for kids turning 18 while working for us.So, the only thing we can conclude so far is that the age definitions in the tax law are wildly inconsistent and unclear.

@Nicholas Haubner Contact Montvale's tax assessor and building department to see it is currently classified. 

This is relevant for multiple reasons 1) appreciation is where the real wealth is generated in RE 2) real estate has tax advantages over cash flow 3) in CA property tax increase is capped.  

I think a good tax person is worth their cost.  

Taxable income is not cash flow.There are a myriad possibilities for taxes.

Reframed entire first floor to due previous fire.

You have to do your due diligence This is all we do.

@Randall King If you find the property isn't performing well, a 1031 exchange would defer the tax and concentrate that equity into something that has a greater cash flow potential, like what @Corby Goade said.

When wholesaling vacant residential land (city lots or larger residential parcel in rural areas) how long is the due diligence period?

Being a Section8 HUD building, there was an immense amount of paperwork and due diligence that was required.