No matter what the TurboTax people say, rental property taxes are not a DIY job.When you buy a property, fix it up, and rent it out, you have different tax treatment for different expenses.When you buy, the price you pay, plus buying expenses, becomes your "basis".

:Taxes have NOT been taken into account, but I think you all know that real estate beats the stock market hands down in this category.I am not sure how you came to the conclusion that real estate gets favorable tax treatment as compared to equity investing. 

You need to make sure nobody receives special treatment.

I agree with @Brian Burke's treatment of the first 4%: be careful there.What kind of properties are you targeting? 

A friend of mine has a opportunity to develop a MHP that has a potential park that is zoned, has city sewer and a water treatment plant.

"Store" the stuff by leaving in the apartment and get an extermination company to start treatment.

I've never done a reno, and so far have only done things like fresh paint, new window treatments, update appliances, little stuff like that.

Property that qualifies for 1031 treatment is property you intend to hold for productive use in investment. 

@Jake K.Assignment fee earned on a wholesale deal is taxable.There is no preferential tax rate treatment and as a result will be taxed at your marginal tax rate.You may also be required to pay self-employment taxes.We also should not forget about state income taxes.As others have pointed out - 1031 will not work in this case.

Ask for termite cert from owner--if they can't provide one, consider having a treatment done.