You can do everything and place your license in "inactive" status in my state.  

@Toure Lee,Sounds like you need to find out the status of the properties' titles. 

I spend way less on self-coverage on other three properties compared to money we spent for what I would consider Micky Mouse garbage coverage on one "covered" propertyIf anybody wants a good idea of what AHS is like in real time, just go to their facebook page and look at the "visitor comments"

You can google me or look me up on my Facebook page:  Tami Jones, Realtor.

You can do this once, and part of your policy/procedure needs to state that you will always ask for the contractor's 1099 status and paperwork BEFORE they start work and, most especially BEFORE you issue payment to them.In essence, you agree to hold their payment hostage in return for the paperwork.What happens if they give you a phony social security number (or EIN)?

After looking further, the property is listed on the MLS, and is in foreclosure status.  

Do I simply need to start a random business and, if so, is there a minimum I need to earn each year to keep my sole proprietor status?

Ive started to set up a facebook page and even that is proving to be more intricate than I thought but I know that could help tremendously. 

I feel it's no different than looking up the property on the property appraiser, finding out who the owner is, finding their Facebook page and sending them a message that way right? 

This is a lot better question than how to charge a late fee or what holiday gift to get for a resident.Well thought out plan and this illustrates one of the huge benefits of commercial real estate, even at lower prices than discussed here.I am not qualified to answer but your 20% appears rightfully conservative and your $7.5 million appears correct.We all come here for answers and I typically don't like the "see your CPA" replies but there are tentacles into the rest of your tax return that may need to be factored in if you don't offset or defer the gain and recapture (phase outs, AMT, etc.).Not part of your post, but another good use of cost segregation plus bonus depreciation plus real estate professional status is the possibility of performing a tax free Roth conversion...just brilliant...tax free in, tax free out.