Identical properties in the building were also selling for around same price as the valuation, last one having been sold in August of 2015.

I am not a CPA...I do believe that both of those incomes would be considered passive investment income and your tax treatment would be identical.  

This is an example of an upfront fee loan scam.2.Identity theft: This is another common loan scam whereby a group or individual will gather personal identifying information from a borrower, in order to steal his or her identity.3.Bait and Switch: In this scam a legitimate lender provides terms to a borrower but then changes the loan terms right before closing.

Our PB county system is similar, but not identical.  

Ideally, an identical set of houses next door and across the street that are in identical condition and that all sold last week.  

A postcard will be either identical to what you would put in a yellow letter, or a more condensed version of it.2.

My building is one of approximately 20 identical buildings, all side by side, on one street, within one block of Loma Linda University.

Staying below that number of units will keep any mistakes you may make small enough to not destroy you.As Rich pointed out, going to larger quantity doors gets you into unchartered waters such as the laundry contarcts, etc.Managing a 12 unit or a 4 unit is identical.

Each club has its own identity and rules.

Personally if I was to look at a house and seen 2 identical rehabbed homes (side by side) and one was for sale by a license rehabber and the other by Joe Blow, I would probably consider paying a couple hundred more for the licensed rehab project.