Third, if they have $2bn of agreements (whatever that even means) why haven't they actually started building anything or even closed on the land.  

It's an asset that provides stable predictable income as well as appreciation and tax benefits next step buy yourself a Bently and celebrate. 

Converting an unfinished basement into a third unit can definitely add value, especially here in Chicago.

@Edward James smith theres a great meetup at The Black Diamond in Spokane Valley, third Tuesday of every month at 6:30pm. https://reinetworking.com/Reach out anytime, I work with a lot of investors in the area and would be happy to discuss ideas.

My dad and I got caught by that snag on our third flip years ago, and we definitely kicke ourselves for not doing a little extra research up front.

This is the third time in the last few years that this has been presented to CA voters.  

I've used a third party management company for all of them, and have not seen any appreciable difference as far as how passive they are.

You need a second and third opinion. 

As a company, the first two years when making a profit the company tax is 15% and from the third year onwards this becomes 25%. 

If you already have a high interest rate, consider a cash-out refinance with a fixed rate rather than a HELOC.A third option could be to sell.