General advice: use a knowledgeable independent agent. 

Find a commercial independent broker, they’ll get you on the right track.

You need to do an independent review of the sold comps, DOM, and the finishes you need inside to get the ARV you see.3) When projects pass the paper test and pass the number tests, then you need a GC and an Agent or some kind of designer, who have already looked at all the comps, walk the space and put together a budget that works and that will get you the number.4) Now you need a good relationship with a money source. 

Getting an independent appraisal can help verify the market value.Even though you may be dealing directly with the seller without a broker representing you, don’t hesitate to negotiate the terms of the deal.

Excited to see you embark on your journey toward financial independence and early retirement!

I’m not saying he isn’t right with the loophole (I agree and interpret it that way as well), it’s just so new that possible audit flag and a lengthy court case?

Work with a knowledgeable independent agent. 

Incorrectly treating a property as passive may benefit you and the IRS will absolutely change this under audit (several cases on this).6) No Tax Court Cases Exist? 

These factors are independent of any presidential candidate's policy promises.

.-- Just audited by IRS this summer for first time ever and had no issues!