I recommend spending a little extra money and pay to have trade specific people inspect the property too, not just an inspector.

If nothing else, prices are down a couple of points this year in Denver, so that's a relative positive over my last purchase.If I was 20 years older, and had 20 more years of compounding and contributions in my 401(k), the private lending world would be a major part of my portfolio strategy right now, as I think yields are really attractive there.It's tough out there, but I trust what I know in small residential more than going all in on more index funds or bitcoin, and lending is just too tax inefficient until I have more time to build wealth in my SDIRA.  

As Michael said, it depends on if you got to the level of a trade or business when it comes to lending.Some important things that will determine this are1) The amount of loans you are originating on an annual basis2) What your intent is when forming this partnership3) The value of the loans you are originating compared4) etcBest of luck

Washington offered to trade his surveying fees for those parcels he considered ripe for development, and utilized any money he earned to do the same.  

I would encourage you to get in to the trades, could probably start this now or very soon.

A lot of these properties are still trading at low caps, and they have a lot of deferred maintenance.You're seeing a lot of these older properties being traded now.Gino

For your first project it is nice to be able to see it, talk with all the people involved, know the area, know the schools, know the employers, know the neighborhood, meet your trades, etc. 

Income from a trade or business where a taxpayer doesn’t materially participate.2.

It hasn’t traded since 2008. 

So if at death it is worth $5m, and of that $5m based on the waterfall agreement you and your sister would get a combined $800k - that $800k does not get stepped up, just the $4.2m that belongs to your father does.If your father is subject to estate taxes, and there are substantial discounts taken on the valuation of partnership interests in his estate - that cuts back on the step up, but it saves steeper estate tax, so it is a worthy trade most of the time.