I'm not a gambling man but I would bet dollars to donuts the Service would take the same position.Your client (you) has burden of proof that there's no constructive receipt, or there is constructive receipt but substantial limitation exists. 

Unless you find a way to establish (1) as is value (2) cost of construction and (3) after stabilization value you’re just gambling, not investing.  

the judge would want us to prove how the transaction is fraudulent.  

@Johnny Ruiz I would start by ready this article - https://www.nytimes.com/interactive/2018/10/02/us/politics/donald-trump-tax-schemes-fred-trump.htmlIt goes into how to commit tax fraud pretty thoroughly, as well as other fraudulent practices, to gain riches Additionally, you can refuse to pay your subcontractors and others who provide you professional services, and then threaten lawsuit after lawsuit to keep these people to whom you owe money at bay (I have professional colleagues who have been stiffed by Trump, btw).Additionally, you can use cheap undocumented labor to build and maintain your projects, all the while you say how these very same people are murders and rapists; MAGA!

If you buy Income Producing Real Estate at the right numbers (and know what you are doing) I think no other asset class compares.Some people's owned Real Estate portfolios are better for them than others.Some people want appreciation for sale, some want stable cash flow, some want big cash flow.Roulette can pay out 35 to 1 for a winning bet, but not many would consider that a suitable investment strategy due to the risk of losing.With Real Estate we can add value, enjoy the increase in value over time, get depreciation benefits on our taxes, control the income upwards by improving it, or getting better management, etc..And stocks, bit coin, gold, etc.. is not gambling how (you have no control over them)?

@Jordan BeckerOh… in that case my initial thought is it’s a gamble on what increases faster, rents or expenses.  

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as a preferred route.. most folks except me that is the preferred route.. but no way can you expect it.. you have to expect to own the asset at some point and if they pay great.. kind of like those that say cash flow is where its at and appreciation is gambling.. 

To me investing for appreciation is like gambling.

There are A LOT more expenses you have to account for to truly know what you will be making/losing on a propertyYou are also gambling on rents continuing to rise at the rate they have been in the past..... being able to finance to a lower rate.... thats speculating... not investing.