But profits are also subject to Self Employment taxes, so there's plusses and minuses to both methods.The issue with taxes is that it is both an art and a science to maximize tax savings and balance other needs and it's really important to sit with a knowledgeable CPA and talk about your specific situation (not your friend's, not somebody else on BP, not your mentor) and have them help you design a tax plan built for you.  

Because I enjoy the planning and coordination, I enjoy design and building, I want to be out in the field often, and I believe I'd excel at it.

Cost of lotAny costs associated with getting lot ready to buildAvailability of utilities (if not to the property, cost to install) Design costs (actual design, engineering, etc.)

What about all the stuff that still needs to happen prior:Getting all the mechanicals installedGetting inspections for the permitsScheduling our home inspectionThere isn't even a PM agreement in place yet!

Many duplexes here are serviced by a single water meter and, by design of the plumbing, difficult to impossible to sub meter.  

My ever-present entrepreneurial spirit had always been accompanied by a love of real estate, architecture and design, so it was inevitable that someday I would begin developing on my own.

However, instead of searching for replacement property on their own, the investor would identify and acquire a fractional interest (tenant-in-common interest) in real estate that the REIT has already designated. 

Depending on the dryer design, something like an errant dryer sheet or sock or scrap of fabric may have escaped the drum and fallen into the air piping in the dryer. 

You'd want a good valuation of the property, title report to check for any mechanic's liens from people who have worked on the home and you'll need the ability to purchase the entire first mortgage if required to foreclose.

That is also by design as the REI or guru bunch have a second class and a third and a forth........guess what, you never learn real estate you learn investor folklore.Trying to follow some system puts you at a real disadvantage.