I've learned a few valuable lessons along the way that make me pause and think before deciding to tackle a new DIY project.

I know the costs would be substantial depending on the end result but I want to hear if anybody has tackled a project such as this and had success.

Gonna try to tackle a small multi-family next and go from there. 

@brian don't really want to tackle fix and flipping at the moment not really a strategy that I feel would help me build wealth.

What would you say was the best preparation you had for tackling the unique obstacles?

I don't think I would have had the gumption to tackle this :)

Ultimately it is your choice to decide how you want to tackle your situation and it's the CPAs job to ensure you are compliant with accounting standards and federal regulations. 

One young thing, at the family BBQ, blurted out, "his wife will never have to work again because she married a RICH guy".As an aside he & I have talked at length about tackling his $250,000 student loan debt & the fact he married into yet another $35,000 of student loan debt & thousands more on her Credit Cards & a credit score below 520!!!  

BIG gain. and I have learned the basics of using Quickbooks today. once again i did NOT get to my business plan.. but i really need these numbers from my taxes. i NEED to legally protect my name and slogan before i use it anywhere, and in my bus. plan. but i guess there are alot of aspects of the business plan i could tackle while i work on those areas, in all a GOOD day. tomorrow is Sunday and I think i shall take a breather and relax most of the day- maybe with that i will then tackle hitting my business plan.

If you want to tackle it yourself, check out a product called RMR-86.