BUT  I was thinking as far as taxes go,  I am putting in a lot of time and money in getting it launched ie: new computer, new phone, Mailing campaigns, Driving for dollars and all that good stuff .  

They are a pain in the butt to deal with, but they do end up paying for a lot of repairs on a newly owned SF house with appliances of unknown condition.

If this is option A for them in the area with their expansion plans then you are holding the cards.Your development cap rate to cost ideal is 9.5 to 10 cap or higher break even then sell for a 6 to 7 cap with a newly minted lease.I personally like smaller projects like these versus big shopping center developments you can take on that have maybe 4 years or so to get built out and stabilized.

I was really counting on Re wholesaling to launch my career into MF cash flowing properties.I know I will need to sit down with an attorney and get it precleared at the bank , but any advice here on how to tackle will be very appreciated.Thanks in advance, BP nation.

Folks with the means and who are newly homeless will bid up the prices. 

The property is 68 acres and about 1,000 ft from a large river and has a Riverview hillside running through it.It is roughly half wooded and half cleared land with gravel roads accessing %65 of areas.The property has city water, electric, and gas at the road.Land was Purchased by Current owner in 2013 for $1,930,000.The County Assessment Value for the Land and Improvements combined is $2,182,900The land is in 4 Separate Parcels all on 1 deedThere are currently nine structures including a 15,000 SF basketball arena, a historic home with commercial kitchen, a newly built indoor horse arena, 3 dorm buildings (~3k sq/ft each), a 2 car garage and a few small sheds on the main parcel.The owner said he would sell it for $600k cash right now, but my father in law seems to think he could get it down to $500k.$1.9M land for ~25% leaves a massive margin.

We mow lawns, do yard work, shovel snow, do rehabs on newly purchased properties, etc. all in our "spare" time. 

Currently, one side has long term renters with a month to month lease renting for $810 and the other side is newly rented month to month at $850 (I would live in this unit).

What do appraisers do with newly occupied rentals in your market...?  

They can take a look at your income, consider your newly forming credit, your cash availability and help you determine what you might be able to buy.