I would suggest getting with a tax professional to assist you since there's a lot of variability depending on your specific situation not only on a federal level, but with state reporting as well.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Traditional bank loans might not be in the cards just yet due to your income history, but don't let that stop you.Enter the world of hard money lenders and private money lenders.

You're probably looking at hard money for a project like this, or private money.

Luxely is geared toward social media content and strategy, mostly from an RE professional (realtor, mlo, etc) perspective.

A 401K loan would probably be your best bet since any interest you pay on the loan usually goes back into your 401K account so it's essentially interest-free.If that's not an option here's an interesting article about different funding options using retirement accounts: https://www.moneycrashers.com/401k-ira-withdrawal-...I'm not a tax or accounting professional and you should probably talk to one to get the best mitigation of potential tax liabilities.

You may want to discuss that as you select your tax professional.

“Real estate professional” status has no effect on this.

Interestingly, they've recently negotiated a re-purchase price with us IF we bring new funding to the table.The rehab is required for several reasons: (a) correct the damage the bank has allowed to happen to the property improvements these past few years (known problems include completely destroyed pool makeover; wild animals living inside the residence; flooring missing in sections of the rec center building; destruction of the decorative main entry gate mechanism; lots of dead landscaping; as well as latent defects not known to us such as working plumbing, HVAC & water services) AND (b) expansion & upgrading of the accommodations (converting the private residence to a 2-story lodge with the restaurant/bar, reception/check-in, movie room, public restrooms, gym/sauna/steam room/massage therapy room; enlarged pool & deck area with climate-controlled cover for year round use; conversion of former restaurant/bar building to a general store selling venue collectibles & wearables, selected pre-packaged foods, sundries, RV & camping items, bagged ice & a propane refill station; construction of a free-standing event center; free-standing cabins; enlarged & upgraded RV park with its own small restroom/coin-op laundry building; outdoor activity areas; new landscaping & fencing; new parking area & entry drives (personal car & RVs).We know our target audience having created and operated the former version of this resort for almost years creating an initial membership base numbering about 1,100. 

When they say no to that, I have to go pretty low on the offer because I have to get a hard money or private money loan and its going to be about 10% to 12%.