I have not done it personally but have some insight, maybe my reply may boost your post to someone with more experience in it. 

I personally like the buy-and-hold strategy and we help clients who share this long-term, wealth building mindset. 

I personally would not invest in detroit as historically its not a appreciating market and for cash flow and I invest primarily for appreciation - I go off the location location location mantra. 

I financed the acquisition of the land with personal and private money.

Which is very complex and costly and likely warrants professional help.Now, if it's just you and your spouse, then your 2024 tax preparation is likely relatively straightforward:- you will create a Schedule C on your personal tax return- you will NOT report any costs of purchasing the property or its rehab, not in 2024- you will report your business overhead expenses such as marketing, driving, technology etc- you will end up with a business schedule showing zero income and some expenses - not breaking the rules but potentially raising an audit flagCan you do it yourself?

Personally, I advocate for a long-term investment strategy and would recommend investing the funds, provided you are comfortable with the expected return on investment over time.

I would recommend anyone lending in this environment to fix and flippers or any type of investment to be careful and get a personal guaranty and make sure person has a long track record.

Even if you personally have just a modicum of design aesthetic sensibility, after reviewing 20 or 30 properties, you will quickly be able to get a sense of the winners.My 2 cents,Mike

Personally, I think this company is probaby about to go out of business - they have lots of inventory, and it's not exactly prudent to be investing in FL in the coastal areas now anyway.  

@Sonya Sharova I haven't personally done Frank Rolfes boot camp but I have heard it's great.