Good being in contact with you again hopefully our paths might cross at a meetup soon.

The equity will count towards the down payment once you move into the construction loan.  

Ask him my hard questions, and count on his expertise.   

Small unit in small unit count is the most expensive development.  

Something else to consider is that once these properties are paid off, you could cross collateralize to purchase additional properties that fit your buy box so that you may not need to bring cash to the table for a down payment.

Fingers crossed but she confirmed over the phone. 

There was a road that led to it, but the neighbor that owned the land that the road crossed had piled up a huge pile of debris to block access. 

(if you are a licensed GC or RE agent, this also can be counted towards experience) 

Note that if you are married filing joint, only the spouse who is qualifying for REPS is able to count their hours.Step 4: Apply the quantitative testsPer Section 469(c)(7)(B), in order to qualify for REPS, you must meet both of the tests below:750-Hour Test: If you materially participate in a real property trade or business, you must spend 750+ hours during the tax year.More Than Half Test: You must spend more than half of your personal service hours in the real property trade or business in which you materially participate.Step 5: Material participation in rental activities Just because you qualify for real estate professional status does not mean that your rental activities are automatically considered non-passive.

Two things I would encourage you to ask yourself & ponder (essentially count the cost): 1.