This includes 1 off-street parking spot - which is very desirable in South Beach) HOA is $802 and taxes (with no exemptions) are $3192.

Best to seek counsel from your attorney and tax professional but if you are going to insist on saving a few dollars, best to provide more specifics on the type of partnership you are contemplating so you can get your hands on something that's remotely relevant. 

With the BRRRR strategy, you can "force" the appreciation and get the benefit of both.Please feel free to connect with me if you have any other questions, and if you need any assistance or guidance with bookkeeping, taxes, or other business strategies please let me know.

However I only have 1 year of tax returns.

No personal income or tax returns needed.

So I would be paying it back with after tax dollars to only pay tax on them again when I retire.

Lots of tax delinquent 3.3 acre lots there.

I’m a W-2 employee in a high income tax state.

Also I am trying to file taxes without a cpa.

If your all-in cost to build for below market value and you are able to place quality tenants, then you should be able to leverage the completed project in a way that allows you to pull out some of your initial investment tax deferred to fund future investments while keeping the rental income and future appreciation.I am a CPA by day and advise many developers on tax strategies.