Simply relying on an average CPA or general advice from forums may not be as effective in helping you identify and take advantage of all the potential tax benefits available to you. 

Extended holding of an asset without a potential buyer is very much holding on to hope.

The involvement of onsite management, often seen as a potential red flag, can lead to the property failing crucial qualification tests.

However, I can teach you the business fundamentals, and you could potentially help me with lead generation.

Ares (ARCC) in particular seems to have good stability along with high yield.Does anyone here have experience or recommendations on potential investments?

., etc.A good projection model will show you not only how to reach various goals, but it can show you all sorts of potential roadblocks that could prevent you from reaching goals (as well as potential solutions to those problems).

Consider what questions the potential mentor may ask and how you would answer.

Is the 10% pref and 50/50 split fair given the risk and potential reward?

It's crucial to estimate the total cost of these renovations and weigh them against the potential increase in property value or rental income.

Repeat that research at the county and state levels. 6 review all info vs your UW and see if there is a land value above $0 that makes the deal work in today’s market. potentially consider a JV project with the property owner after doing the above as a way to make the deal work. it’s not impossible right now based on your question but it is very difficult right now to get the numbers to work