@Mario Gonzalez NJ has a couple things working against your plan, when it comes to finding off-market leads. 1. it's tough to get a  list to mail to because most of NJ combines single and multi-family homes when the report to the list compilers. 2. it's quite competitive.

The land, the permits, the plans, the inspection analysis reports from all agencies and a plethora of other entitlements that come with this venture.

Tip - look for IRS liens (bad news). 

For 2018 taxes, I plan to report this condo sale as an investment sold.

At first glance, I wouldn't think so, but maybe there is something when it comes to reporting that would have some pitfalls.

Good news is no closing costs and a promotional first year advance rate.

Please correct me if I got something wrong.The question I have is, is there a place to report the total cost basis for the property including land? 

The reports are 40-90 pages long and go through the entire house in great detail.Get an appraisal.

@Michael Kambic - there are many ways to accomplish your goals, but my first concern is that you're reporting your flips as capital gains. 

Thanks in advance.This may seem fairly elementary and I apologize if I'm reverting to something way too basic, but for the most part, your rentals will be reported on a cash basis.