I typically don't comment on other's businesses unless I know from personal experience.

I purchase the land from a local jeweler who I tracked down at his business and asked he was interested in selling.

Everything looks great and a year later that employer goes out of business or lays everyone off? 

You Can Only Have 35 Non-Accredited InvestorsRule 506(b) allows an unlimited number of accredited investors but restricts you to only 35 non-accredited investors.However, there’s a catch:Non-accredited investors must be financially sophisticated.They must have enough experience to evaluate the investment risks.From the SEC:“Securities may not be sold to more than 35 non-accredited investors… [who] must meet the legal standard of having sufficient knowledge and experience in financial and business matters to be capable of evaluating the merits and risks of the prospective investment.”If you’re planning to include non-accredited investors, make sure they qualify—or you could be violating SEC rules.3.

Admittedly, I am not one that typically finds paid mentorship very valuable, but I also respect that my degree is in business with a focus on real estate, and my first job out of college was in real estate (so it is a little hard for me to take my 20 yrs of knowledge and rewind it to try to view mentors from a completely fresh lens).A couple points: I view mentors, especially these expensive ones as a catch-22. 

They eventually sold their business to another company and things were fine after that.All the others were easy.If you are going to switch, you might want to try that after a resident moves out.  

Phoenix contains a rare combination of elements that have created an outstanding market for distressed property investments, including the following:Cost Savings: Distressed properties are sold below their market value and enable investors to take hold of properties at a trifle compared to traditionally listed properties.Strong Market Fundamentals: Being among the fastest-growing cities in the country, Phoenix ensures a high demand in housing and rentals, hence good potential for resale or income from rentals.Value Creation Opportunities: Most distressed properties need renovations; thus, such situations present opportunities for investors to increase equity by adding value.Population and Economic Growth: Phoenix remains among those cities in the country which are attracting more and more residents and business; therefore, this presents good, long-term appreciation possibilities of property appreciation and income creation.Challenges to ConsiderWhile the rewards can be great, distressed property investment is not without its challenges.

I'm sure there's other stuff you'll want to factor in - what businesses are moving to and from each areas. 

@Jacob HavlovickBigger Pockets is a great place to find a real estate tax accountant.A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant who specializes in real estate taxation, business taxation, financial planning and tax planning.You may want to consider working with your accountant remotely to expand your options.I would also recommend looking for a accountant willing to work with you throughout the year.

Self management works if you are local and can separate emotion from business.