So for now, week 22 and counting.

What I did was i consulted with an an attorney and cross border account so as to make sure I was compliant with the IRS and best way to structure my business for tax implications for myself and for the investors that work with us.

I also asked him what if its 3 or 4 family wouldn't it count, and again I was told no.

No windows in bedrooms would make them "non-conforming" and those bedrooms can't be counted when getting certain types of loans (FHA, VA, etc) - something to consider if you ever wanted to refinance or sell.

Record that (make sure that you write on it to cross-reference to x address, as they'd otherwise only put it under your name) after you sign a contract.

That would relate to your current profession and might help you steer clear of any real estate / fair housing legal issues in the future.Real estate law didn’t even cross my mind to be honest.

Because of the above scenario, we also cannot count the remaining 24 acres for appraisal/LTV purposes.

Personally I own 7 rentals and counting. 

I'm curious if anyone can walk through the calculations on IRR and CoC when an annualized pref rate is part of the deal.On a standard deal is the CoC usually the annualized pref amount so it's counted as just cash flow and not a return on capital? 

IMO, it's actually not glamorous at all in the beginning, half the time it's messy, really, really long hours and crossing your fingers all $$ will work itself out.