The only catch is that you can't put any of the four units back on the rental market for a period of five years.

Though it is a negative cashflow move in the short term, I fully anticipate rental rates to catch up to the expenses in about 3-4 years and break even monthly.

Agreed, still learning to navigate the site and catching up on podcasts!

Usually in these types of structures from what I've seen there is a draw for the land for say ~50%, and then you get to permit (which sometimes there can be a catch up draw to the LTC for the funds you've put in), and then you can start drawing for vertical. 

After that point, you will be able to catch up with all your bonus depreciation in a future year, for example 2025.

I've read quite a bit about the Raleigh Durham area RE market blowing up because of all the corporations that continue plans to move/grow there; the eye catching announcement a while ago being Apple with their 10 year plan of adding a few hundred more employees each year.

Chino also has lower property values, is more rural, with higher crime and much higher teen pregnancy, less jobs, but less rules and more farming/animals/ranches. 

(the house obviously will need high end finishes, but you catch my meaning) Where do you get $300 from?

FYI we've changed our approach entirely and have lower fee initial entry points to avoid the challenges of long term project based arrangements so we can catch issues much sooner.

I especially look forward to catching up with David Greene (Is he still hosting?)