The BRRRR method is a great way to quickly build up a rental portfolio and considering you are in one of the fastest appreciating markets in the US, you will be able to profit off of appreciation as well as rental income.I am a real estate agent for off-market distressed properties here in Fort Worth, Arlington and surrounding areas.

Never lend in second position unless you have the wherewithal to pay off the first.

I obviously want to get the best tax benefits and write off the expenses for the house and repairs I have done.

If the land is in a suitable location, this could open up opportunities for developing 2 homes or even selling off one of the lots, which could lead to a good profit.

I started off with the standard turbo tax for 1099s and it felt limited.

There are good relations with the neighbor so this likely wouldn't be terribly difficult to pull off, but I haven't ever developed a property from scratch so I would definitely like the opportunity to partner with someone on this to help ensure the success but first I want to finish the smaller property to have sufficient funding available if it is needed.

I would greatly appreciate any guidance or advice starting off with this business model.

Boxabl can drop off, put it in place and by that weekend you can have a renter. 

An older gentleman from church is selling off his portfolio of SFH/MFH rentals in the Belleville, IL area and offered one to me as he knows I want to get into RE Investing.Purchase price is $50,000  for a 3 bed 1 bath and the current tenant is renting at $800/month.

If there are none on the market, then look off market.