Would this limit exposure to taxation.  

The added bonus is you get a thought partner who has more experience (and more on the line frankly) than you do. 

Also yes collecting commissions when you sell your own properties is a bonus as well. 

Zillow does wonders, and it does work without MLS in markets but you'll have much more success with the MLS exposure.  

Let's say residential comps are $1000 psf, the sellout for just residential is $6,933,000.But if we build a community facility to get the bonus sf (additional 6761 sf), what would the price be per sf of that community facility?  

I put materials on my credit card and get 1.5% cash back, which is a nice bonus.

Lou - everybody thinks they can paint - you need a pro - when selecting someone - ask for reference.I have found some great people to work for me by running an ad - I want to try to get the pro who is working a job in his profession as an employee - most of those with the skills you want will jump at an opportunity to pick up some easy money doing what they do, but doing it for you.Wanted -Painter - part time $20 (or whatever) an hour, evening and weekends  PART TIME, cash payments to paint XYZ call Lou - 443-0000.When they call - get credentials - have them look at the job and ask how long it will take to complete - estimate the hourly rate and tell them you will pay a bonus if complete within X hours - etc.Charles 

As an added bonus these lessons are also scalable if you wanted to buy a 100 unit complex a little ways down the road :D :D :D

In intervals of 8 properties, we could convert them to a term loan and reduce the line amount which will also reduce our overall loan exposure. 

As a side bonus, they'll make the door more energy efficient.