I would suggest adding a pet addendum or modifying the page of the lease that refers to pets.Having the changes initialed and dated by all parties and reflect the changes to accounting "pet deposit" or additional deposit.

Additionally we sold about 1/3 of the units cash so that helped immensely, especially the first two which helped establish comps. 

I just received a phone call from a tenant who rents a two bedroom apartment from us with another male tenant.

Any additional expenses incurred in preparing the land for sale (such as adding driveways) would also be included in the cost basis.In summary, you would typically report the capital gain from the sale of each parcel in the year the sale occurred, based on the cost basis allocated to each parcel.

They had received funds to build a new ferry port for commuters, a new luxury apartment building, and redevelopment project for the waterfront area.

Also, keep in mind that PMs often have add-on fees for tenant placement, managing repairs etc in addition to collecting a fee for monthly management.

You will add them as an additional insured in your insurance.  

Then we notify #1 that we have a 2nd buyer with no contingency and they have X amount of time, whatever was originally negotiated to remove it and pay additional earnest money. 

The excess funds I received over the cost of construction were used to make the payments on the house for two years.

Be prepared to potentially have zero income for many months.In addition, you will want to check the permits.