For your first project it is nice to be able to see it, talk with all the people involved, know the area, know the schools, know the employers, know the neighborhood, meet your trades, etc. 

Washington offered to trade his surveying fees for those parcels he considered ripe for development, and utilized any money he earned to do the same.  

So if at death it is worth $5m, and of that $5m based on the waterfall agreement you and your sister would get a combined $800k - that $800k does not get stepped up, just the $4.2m that belongs to your father does.If your father is subject to estate taxes, and there are substantial discounts taken on the valuation of partnership interests in his estate - that cuts back on the step up, but it saves steeper estate tax, so it is a worthy trade most of the time.

A lot of these properties are still trading at low caps, and they have a lot of deferred maintenance.You're seeing a lot of these older properties being traded now.Gino

It hasn’t traded since 2008. 

Income from a trade or business where a taxpayer doesn’t materially participate.2.

I know this will disappoint most BP forum readers who have been taught they can live behind a computer screen and make sound investment decisions based on zillow zestimates and the number of available rental units at any given time.

An owner trades the predictability of a low Flat Fee (which is typically charged every month whether property vacant or occupied, tenant paying or not), for less PMC alignment with the owner's interests.

Tell ya what, once you've hit journey in just 2 trades I will let you attempt to talk down to me. 

This all came from a computer, printer and Internet access that was my startup cost never thought about it that way before, but yeah, thanks for sharing.