The goal is to develop some living quarters and communal space which friends and family can use for their enjoyment with the probability that any number of the partners may retire there at some point.

Also - the current 'quarterly' water bill (meter reading April 13th) won't arrive until May 21 - the last day the security deposit refund is due in WI (move out on april 30). 

If I do an extensive rehab the property should hold it for at least a  year before selling it or should I sell it immediately and be subject to all the "dealer status" taxation. 

Or what if you think properties are increasing by 5% per year right now and interest rates rising .25 per quarter.

IF this true, then I would advise against buying an existing property and renting with all that entails and specifically against investing in the US as there are a number of complications / overheads (incorporation, taxation issues, etc.).If you are convinced that local (or places you know) real estate will continue to appreciate buying a 'pre-sale' unit is not a bad idea just remember to account for the tax consequences when you sell as this will NOT be your primary residence. 

HOA is only $140 a quarter!!!. 

I'm not an expert on this one, but if she does seller financing, I'm guessing, she doesn't have to pay the tax at once. 

Fourth quarter with about 6 minutes to play, score not close, and outcome was pretty much decided.

In my town the water and sewer is quarterly and the town puts a lien- and sells it too- when the bill isn’t paid.

The Senate version would not completely repeal the estate tax; the House version phases it out entirely by 2024.While the Senate amended its original version to bring it more in line with provisions included in the House bill, several important differences remain, including: Taxation of pass-through entities: While the House bill establishes a new pass-through rate of 25 percent, the Senate bill establishes a 23 percent deduction for most pass-through income (increased from 17.4 percent in the original bill).