At the current interest rates and material costs if your sales take 6 years versus 2 years the interest will eat into the profits.With 93 acres you could subdivide into two or three lots and take different approaches.  1.  

The cost of the materials was $1,500, and including labor I’d estimate this cost me about $3,000.The property manager never ran this by me or gave me an indication these project would be completed.Our service agreement is clear that written consent is needed when costs exceed $1,000 and in this instance these were not repairs and requirements needed to rent the property.

You must spend more than 750 hours during the tax year in real property trades or businesses in which you materially participate.b.

So noobs often fall into the trap of looking at just lower and lower priced neighborhoods in an effort to make the numers work.And the Rehab-R is deceptivly easy to say, but takes 3-6 months and a lot of time from the investor to design, source materials, handle paperwork and supervise the project. 

You maybe able to do a cost seg(needs to be done by a professional) and get bonus deprecation BUT you maybe not able to use it since you would need to be real estate pro or materially participating via the short term rental loophole to do so against your active income.

😀Yes you are correct the promote is the GP share of the profit. if you were to partner with this operator, you don’t get ALL the promote as it is split among everyone in the GP team. 

So I would do the work, get the experience, and the customer would just pay for materials.

Here are some pointers to help you get started:Networking: To promote your new business, make use of the relationships you already have in the construction industry as well as your current professional network.

Then when you don't have the money for them they coerce you into getting credit cards to fund the program they promote at the seminat ,promising you you're going to make a ton of money so don't worry about the amount of money your putting on credit.

What are you trying to accomplish (buy/sell/promote??)