I've been trying to save up for what could potentially go wrong like cap ex things.

Don’t be one of them.There were different ways that potential buyers wasted my time.

I was particularly drawn to this deal because of the strong growth potential in Bushwick, Brooklyn.

There’s huge retal income potential if you nail that balance between improvements that wow tenants and improvements that merely look fancy but don’t justify higher rents.I’d also keep an eye on how your high end plan fits the local demand.

A couple months ago there was a guest on the BP money pod that said something I really liked, "put your risk in your ROTH" and by that he meant that if you're going to invest in something riskier that has the potential to have large returns, put that in your ROTH account because you're only taxed on what goes IN to your ROTH, not what comes out.

If the stars align, we estimate that we could potentially earn $1,000 to $1,500 per year from the property.

You'd learn and potentially earn a profit at exit.Another way is to wholesale the land.

The neighborhood has been flourishing, making this incident highly unusual.What initially drew me to the property was the potential for high rent and strong cash flow.

Typically, I run a current income/expense column next to a ProForma column to show potential value add opporunties.I agree with @Robert. 

Consulting a tax professional now can help structure ownership and financing efficiently, ensuring you take full advantage of deductions, depreciation, and potential tax-saving strategies like 1031 exchanges in the future.This post does not create a CPA-Client relationship.