@Mark Allen Hopefully, this gold mine is still producing.

Unless you are feeding the cats it is just the way nature is, other outdoor animals like squirells can carry fleas too.

Some states are communal states, so you just have to make sure if the debt carries to your spouse as well.

You could form a single LLC for all properties, which is easier to manage but carries shared risk, or you can create an LLC for each property, which offers better protection at the cost of more administrative work.

Even then, if you've built up enough carry-forward losses, a nice capital gain may not trigger any taxes to be paid. 

If so, you can carry back the NOL for at least two years and use it to offset taxable income in those years.

The developer will carry all the cost to build the homes and split the profits of the home sales with the realtor. 

Matthew –– this is all gold!

Any amount that you are negative carries over and affect your overall Debt to income ratio.

I've been researching whether or not doing a cost segregation study would be beneficial and while I don't think I could use the bonus depreciation for 2022 taxes a recent Bigger Pockets Money Podcast (#360) https://www.biggerpockets.com/... talked about carrying forward the paper loss for coming years and the benefit of doing one now as there is still 100% bonus depreciation which will decrease in the coming years.