When you GET IN and consume knowledge on a dedicated persistent path, success is a natural outcome. 

We even talk about plans to move here one day after falling in love with the access to nature and how nice everyone seems to be. 

Most likely the state where the property is located is where lawsuits would be brought if they are something for personal injury like a trip and fall or something of that nature because the “cause of action” arose in that state.

My concern is that I am unsure he is going to be able to land another high five/low six figure job in the near future given the nature of what he does. 

The big advantage of buying a condo is the maintenance free nature of it, but if the people responsible for handling the obligation of collecting the money and managing the association are compromised it will have a necessarily negative impact on your investment.  

For that size and what appears to be a very time sensitive project, it may not be efficient on cost or time. 

So I don't bother with recording time any longer since I'm quite confident I meet that standard, no safe harbor is therefore needed.If you have multiple properties as I do you might be better served by simply working up a list upfront of all factors tending to establish the trade or business nature of your activities instead of tying yourself to unwieldy contemporaneous logs that must be kept ever year indefinitely.My list has about 30 factors that tend to establish trade or business status, very likely far more than I would ever need to prevail if challenged.  

Like other major cities, there are a lot of opportunities for all types of investors but naturally you'll develop a sweet spot for yourself. 

Depending on the amount of natural light in the property I tend to use Quail Ridge (gray color) for bedrooms and family rooms.

Does the 10% take into account forced and natural appreciation?