I have remodeled the unit completely prior to putting it to rent, including addressing pre-movein readiness checklist I was given by RL after they walked through the unit (small list of punch items like toilet paper holder, cleaning unit, door stopper etc.).

Much of the federal land out here in the west is used as range land for ranchers, oil and gas extraction, logging, mining, military training, recreation and conservation areas, etc. so it's not like it's not being used.

My Story: When I first started my journey in real estate investing, I was primarily focused on my military career.

If you can, what was the item and when did the crash occur?   

I expect you are aware of various mistakes without the need for them to be itemized and will do better next time.  

I look at every single item in the pro forma and imagine that it is complete BS, and see if I can challenge it.

I agree with Jonathan--most of these items will take place once you are under contract.

This is because the law says you can only depreciate items that wear down over time (i.e., the building and not the land).

Megan, Not sure if I can help you exactly, but a few items that might help: 1) As you are out having conversations with potential private money lenders, you can start the conversation about "Did you know you can use IRA, or old employer 401k funds to make private money loans, secured by real estate?"

Below are some items I’ve seen in teaming agreements.Ownership Interest: Clearly define the percentage of ownership each party has in the property.