Treat BP like a one-credit college course. 4) Get involved in your local REIA. 

Consider reaching out to TurboTax support and asking them as to what's involved when it comes to adding K-1.

I am contemplating a tenant who is a stranger to our family, but he fits the bill as the quiet, studious type. 

Thanks @Ned Carey great info I am an Hvac Tech looking to get involved in the real estate investing and I drive a lot everyday of the week so I will now take a notepad and jot down anything I see when enroute.

While some contractors work on a 1099 basis, I worked as a W-2 for safe harbor reasons (the IRS has vague rules about who is a contractor and who is an employee -- picking the wrong one can get expensive for the parties involved when the IRS disagrees with your choice).I also had to learn how to live on a lumpy income stream as a contractor (if the agency didn't have a project for me to work on [no "billable hours"], I didn't get a paycheck).

I am 25, and been living in DFW area for a little over a year now, and managing an Anytime Fitness.

But I’m willing to wager that with the same amount of effort and cash, you will be able to leverage the experience of professionals, to build something of your own that perfectly fits your financial goals, limits risk to you and your family, and is repeatable if you somehow lost it all just because you chose the “hard” route.

It would be more appropriate to lease the land to someone running cattle and paying your IRA rent.So, this transaction likely does not fit well with an IRA.Generally speaking, when the thought process is "I would like to do 'X'. 

It's extremely unlikely you'll see anything that fits the 1/2% rule or 50% rule.

. - 10k or so (varies by state and county with costs)929,100 - 791,000 = 138,100 gross profit before long term capital gains tax of holding for more than 1 year time or deferred taxes if you 1031 exchange into something else.As you can see by the numbers this deal is too thin for all the work involved.