While you can customize certain things you are more limited with your degrees of freedom to change an older property.

There is merely varying degrees of risk.

I would charge a fairly high price if I had to get into an area that might have been more than 125 degrees.

Try to get yourself a process flow going NOW so when people are ready to put in an application, you're buttoned up to some acceptable degree. 

There is a degree of speculation and luck surely.

Commissioner, 74 T.C. 1134 (1980) (“The taxpayer’s intent at the time of the exchange is controlling and must be determined.”)Courts consider the following factors in assessing if the property was held for sale: (1) the nature and purpose of the acquisition of the property and the duration of the ownership; (2) the extent and nature of the taxpayer’s efforts to sell the property; (3) the number, extent, continuity and substantiality of the sales; (4) the extent of subdividing, developing, and advertising to increase sales; (5) the use of a business office for the sale of the property; (6) the character and degree of supervision or control exercised by the taxpayer over any representative selling the property; and (7) the time and effort the taxpayer habitually devoted to the sales.

I know I spent more than $20K on my degree from college.Also, you don't have to sign up to the REIG for life do you? 

To answer your questions, I am not naive enough to expect this, but I am naive enough to not know the answer to this question, and ask it in this forum.I do not do this at my job, but that's an apples-to-oranges comparison, as I work a salaried position that affords me a high degree of autonomy and flexibility in deciding when I work and working at irregular hours does not equate to more money for my firm or myself.

The problem that you may run into is that the 75 degree season is likely going to be the busy season.

If passive to what degree?