Conveniently, the court addressed both Sec. 163 and Sec. 212, so we don't have to debate the distinction and which one applies to a rental property during its initial rehab.

I had the 2 markets in mind for distinct goals as they are very different markets.

I feel the need to draw a distinction here though within the context of investment; I understand the power of wise financing and reasonable and intelligent leverage when approaching real estate investment ("cash-on-cash return").

We've transitioned working documents to the cloud and set distinct roles for who should update what and when.

One common thing I hear in threads (including this one) is a lack of distinction between the roles needed to execute projects like this. 

This is an important distinction because the terms of the loans will be different.  

Great distinction.

Total grey area (but maybe not and I need a CPA).Your 1099 requirements may not (or may be the same), but otherwise it's a distinction without a difference.

This is an important distinction.

Each property  is treated as a separate and distinct entity from the parent.