Construction offers (2) options 1X close and a 2X close but both offer a construction to perm options once completed.A construction loan allows you to find a lot of land and include the cost into the financing. 

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23DSCR lenders generally let you vest either individually or as an LLC.

Did you include insurance and taxes. 

@Jonathan Snider another con may include the fact that you will now have multi state nexus and tax liabilities, which often times increases complexity for unaware investors

Now the two parties are fighting over the famous name....perhaps name of the ranch was not included in the sale. 

I assume their mentorship includes advice on what information “out there” is correct, what is incorrect, what is relevant, what is irrelevant, etc.4.

For 2023's tax returns, you can simply remove the activity entirely from the tax return including the assets, or you can make them inactive / out of service for legacy purposes.You might have a passive loss carryover on Form 8582.

Here are some points to consider:Renovation Costs: Even if you did the work yourselves, you can typically include the cost of materials and any contractors you hired in the renovation costs.

What amenities do you want to include?  

In the Smokies the people I know (including a few of my own properties) who had a lower purchase price have "price discipline" and are keeping rates where they "should be" and adjust for demand.