“Large” tracts in or near Raleigh is a relative term.

The 1st story has one tenant, a locally owned and operated clothing store under lease through 2019, that caters to the younger college aged crowd that attend the 2 local colleges.

The license law is that you have to be at least 18 to be licensed and I presume you can take the course work at any age. 

It takes time to review the financials, inspect all the buildings, the infrastructure, talk to the tenants, perform a Phase 1 ESA, discuss with the city any zoning / code violations or other chronic issues they see. 

@Kurt Jonesok so here is the numbers from the OM that the broker furnished to me: ESTIMATED LENDER ACQUISITION COST:List price: $1,175,000 ( @ 28 units = $41,964 per site)Buyer requesting Down Payment of 30% = $352,500Projected Lender Financing: $792,500 @ 5% FIXED 30 year AMORT with a 10 year DUEINCOME, EXPENSES & CASH FLOW:Actual 2016 Gross: $212,752Actual 2016 Expenses: $95,915 (45%)Actual 2016 NOI: $116,837Projected Lender Debt Service: $57,494Projected Net Cash Flow: $59,343FINANCIAL INDICATORS:Cap Rate: 9.16%Projected Total Cash Return: 18.96%PROPERTY DETAILS:All age park28 Homesites# of Park Owned Homes: 28 (100%)Occupancy: 100%Utility Reimbursements: NO2016 INCOME AND EXPENSE ANALYSIS:Total Net Rent: $212,752Total Operating Income: 212,752Real Estate Taxes: 4,054Property Insurance: 5,524Utilities ( all lumped into one total, broker and/or seller did not offer it broken down individually ..yet): 30,658 Payroll & Benefits: 26,225Maintenance & Repairs: 2,058Administrative/ Office: $26,668Advertising & Promotion: 728Total Operating Expenses (45%): $95,915--------------------------------------------------------------------------------------Net Operating Income: $116,837The screen shot copy of the rent roll excel sheet i am waiting on further explanation from broker in order to determine how to interpret all the acronyms that the seller put in it so i can begin to figure out the rent roll for that month.

The 1st story has one tenant, a locally owned and operated clothing store under lease through 2019, that caters to the younger college aged crowd that attend the 2 local colleges.

The 10 loan limit is related to the secondary market, so if you have more than ten personal loans, you at that point may want the LLC to get business / commercial terms as opposed to personal / residential terms. 

So keep track of expenses related to your search, but if you don't purchase, you can't deduct for them.

Age HAS to be taken into account.

I looked at the city's website and couldn't find anything related to increased water rates, with the last increase being August 2017.