Also, there is unpaid property tax as well, will the property tax be written off or which party will be responsible for it?

Is there a software out there that you use or recommend to enter all of the expenses into that will help with totaling all the expenses accurately into proper categories for year end tax stuff or by each project?   

@Bob Stevens that will be 8-10% net after all monthly reserves for property taxes, insurance, any owner paid utilities, vacancy (5%), property management (10%), and maintenance (10%).

If it's self-employment income, the net income on your tax returns from 2022 and 2023 will be averaged.

It may help if you give some details on the area, how much you are charging per room, utility costs, taxes, etc. 

If don't do a 1031 exchange and decide to pay capital gains, I would have about $450k free of taxes (this accounts depreciation and other costs).

I would look into getting a registered agent address lots of offerings for this type of service it will help a little with privacy and peace of mind but you can and will be found...For example my county took out the name search for property records but if you go to the tax claim bureau site you can still easily search by name and business name.   

So you’re going to have utilities, a year’s insurance, taxes, mortgage payments and then the rehab cost.

Here is my expected cost:Land: $475kAcquisition Costs (Environmental, Survey, Geotech, Traffic Study): $25kSoft Costs (Engineering, architect, impact fees, permit, legal, closing costs, taxes, interim interest): $300kSite Development Costs: (Earthwork, underground utilities, curb cuts, fencing, stormwater, paving, landscaping): $800k ($400k/acre)Subtotal before vertical costs: $1,600,000 ($80/SF). 

Looking at it as one big project or would I have to claim the gain of the first parcel on 2022 taxes and second parcel on 2023 taxes (Split cost of 20 acres in 2 and show a gain for each parcel sold) ?