This makes it possible to virtually eliminate taxes for sophisticated investors.  

The Casino was packed but not many people shopping around the town or at the beach.

Depreciation in real estate requires a little more sophisticated modeling, but it still works.

Whereas, Don mentions are we talking home owner with zero sophistication or A deal between Don and Me  or Me and You..

It had never occurred to me that one could be self-sustaining through one's own resources, mainly because I had never made an effort to understand money management, retirement, or finances in general.An MMM blog post led me to BiggerPockets, a forum where the members, sophisticated investors, referred to their properties as "doors."

I own 4 acres right next to the Graton Casino  that could be my next project put in about 100 apartments and call it a day.. won't have great returns 5 to 6% but I will get them and not have all the stress and drama like what your going through...

Low HOA fees ($1000/year) and close to the mountains and casino.

Its a great strategy the most sophisticated investors use when the market dynamics changes.

With developments like the new casino in Ras Al Khaimah and expected population growth, the appeal is growing.

I have clients who are more sophisticated and have some value of lot splits, surveys, etc but even when they bought it and split it off they don't really give much value to that. you have to put the power in you hands and negotiate with lenders.