We pay $750 extra towards the mortgage and have annually made $5000 or $6000 additional payments to the mortgage (4% 30 yr fixed). 

It is an additional tear down cost to get the land grade ready.

With the work that I have been doing (new construction, addition, full Gut, Renovation) my costs are roughly $170/sqft (depending on finishes, this was a really nice finish look) $120/sqft , $80/sqft, $70/sqft... in that order.

I work as a software engineer but I'm looking to grow a real estate portfolio to build additional income and wealth over the long term.

Those items are currently deductible and, in addition, not subject to depreciation recapture later on.Ryan, it is common for CRE investors to use cost segregation to eliminate passive income and not uncommon to use it to offset earned income for those with the real estate professional status that you mentioned.

Michael,I agree with @Eric Weireter and @Christian Hansen.. with an additional thought/caveat that you are going to be buying at or towards the top of the current market cycle (in my sometimes-humble opinion).

@Clyde StackhouseRenovation expenses prior to having the property "rent ready"should be capitalized and depreciated as an addition to basis.

I'm developing land in Redding, CA. 21 homes total, and wondering if anyone has advice or connections on getting the best deals on materials, appliances, things like fireplaces, ceiling fans, basically anything and everything that goes into a house.Looking to use a little hustle to build these houses piece by piece, getting great deals while keeping our style intact.Looking forward to any help I can get!

An Umbrella policy provides an additional limit of Liability coverage (usually in increments of $1,000,000) that responds if underlying policy limits get exhausted in a covered claim. 

Additionally, it may present some potential income that would never have fallen in my lap otherwise.