If yes, then you're going to need at least 1,001 hours in a real estate trade or business in which you materially participate.1,001 hours might be a stretch for two units and would raise some eyebrows. 

Figuring out a job and material/labor is a no brainer now.It's usually what's behind the wall or finding unseen problems that has me now always adding 20%.

I would retain one of the units.  

HOA/POA - If there is an HOA, be aware of what the dues are and what their requirements are for what you build (ex. square footage requirements, construction materials, etc)4.

Do I need to have the type of materials I want used?

Some investors have had luck going to home depot in the morning and poaching the contractors as they show up to buy materials for the jobs that day.

Currently, any business that locks in the incentive program by the end of the calendar years retains the incentive benefits entirely so there will likely be news on Micron's next play in the coming months.  

Common fees will include a set-up fee, leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.

The marketing materials to sell these plans really oversell the benefit.

These are material costs only as we will likely perform most of the work ourselves.