It is hard for many of us to chew on and its also to realize people have different opinions.

First property comes over and I realize there is a second tab- one has the design fee, one doesn't.

I didn't realize the construction work is paid out of pocket and then reimbursed, so I had to nuke a lot of my bitcoin to pay for the first 12k worth of work to get the project started, so unless your lender gives you some construction money up front, you'll need to account for that too.

Could that bite our REP in year 5 when a big pile of ordinary earnings income is realized (if they don’t 1031 and defer it)?

He's used the program to learn but wise enough to realize his own potential and live within his means while stepping away from his W2 and becoming an entrepreneur. 

It is very daunting as we are quickly realizing how much we don't know!

Seeing it on paper like this makes me realize it doesn't hit the 1% rule either, but maybe because the taxes are pretty low?

I realized we would not get the same valuation as the main home but at $130k for 440sq ft I did not realize we could be in a negative equity position.  

$89,000 profit realized after 3 years renting.

I recently ordered a survey on the two lots I own, and realized that I may be approaching this the wrong way.