I made an offer on a double, it turns out that it's on two parcels with two separate tax cards but deeded together. 

That’s not a lot of tax savings but it does give you $68k so you can put down 10% on your $650k home.

- What are some hidden costs associated with purchasing unimproved land, such as property taxes, closing costs, or financing fees?

From a tax reporting standpoint though, I am curious why showing a profit is even a concern. 

For example she starts dating a carpenter or a handyman type (or even worse a wannabe carpenter or handyman) who moves in and does work on the home and claims they should have equity too for making those improvements.

As others have said watch out for property taxes and home insurance too. 

(So if the deal fell through I would have time to list 3 other properties I might buy.)Good luck. 1031’s are an insane tax advantage and Dave is very good at what he does. 

As long as you purchase at least as much as your net sale and use all of whatever proceeds are generated, you will defer all tax.

Separate LLC per Property: Maximizes liability protection but adds complexity and costs with individual tax filings.3.

Also, for a general partnership, how do we report the taxes.