However, if you had a true Intention of development, the ordinary loss will prevail. 

It looks like the letter is a month old.An ordinary case of termites won't typically bring out a building inspector. 

Your skills and character traits are not ordinary.

I chose CBC because the environment is great and they have a great outdoor patio.

@Jen WellsThe Interest on the HELOC would be deductible interest expense on your tax return.For an expense to be deductible - it needs to be ordinary and necessary.

Further gain will be taxed as ordinary income. 

If we were to do a high end flip or something out of the ordinary we would be inclined to higher a designer/arch.

Its amazing how an ordinary thing like rent garages can produce such extraordinary investment results! 

It in no way avoids the due on sale clause.What should happen is that the transaction, sans the land trust, looks just like an ordinary transaction, with one exception.  

We also buy very unloved buildings under the assumption that we will be gutting the building and replacing almost everything ... so typically do not bother with engaging an inspector or engineer unless we see something out of the ordinary (in a bad way) or we are having a Phase 1 done.However, in the beginning before we had acquired our present level of comfort and experience, we sent an inspector into most buildings ... if for no other reason than to provide input into maintenance and renovation planning.