Some states you have to actually store the stuff for a period of time, others you can trash it if below a certain monetary value. 

This will not however make up for the substantial monetary loss bound to happen down the line.

Look at the Foreign money moving into the Pacific NW and the effects of Chinese Monetary policy.

That's a lot of additional wear and tear on your property with no monetary compensation. 

I know they say that's the typical beginner thing to do, but I think its the best use of my current skills and definitely a good option for my monetary situation. 

With the monetary policies the Fed have been advocating, we are sure to see the dollar devalue to the ground and appreciation on assets to keep soaring upwards for decades.

I don't recommend skipping this step even if your partner is not concerned about it.Regarding taxes, you must keep records of all expenditures throughout the process and monetary distributions when you sell.

But if your one of the winners its a very nice business with limited monetary risk ( you don't have to buy anything LOL) you just cash checks.. and if you want to buy some real estate go for it.   

I would only buy if I was personally invested in a property for other than monetary goals.  

Compared to Europe and other developed nations that have pursued similar easy monetary policies, commercial real estate in the US is cheap.