I want to sell the place and buy rentals aiming for properties that are in line with the 2% rule.

General rule of thumb, the buyer will figure out a way to vacate the contract if they so wish within the allotted time frame.

I don't know your state's RE Commission rules.

With the corner and access you make the rules.300k is way to low and they can make up for it on the other 23 acres giving you more money.You really need someone on your side.If I were there I would work for you and NOT the developer.They are trying to wear you down and see the lowest you will take.You know the income approach but it helps also to have knowledge from the other side like I do of what the developer will do with the property and how they will most likely extract the most money for themselves.This will help you not hold them hostage but capitalize on their problem.Sounds like an unseasoned developer because they should have known long ago they needed your property to make it work.From an access,architectural,and design standpoint they need your land.

My rule of thumb is that it takes ten showings to find a tenant.

You need to know your market, occupancy and competitive rent rates, renter expectations, your goals, risk tolerance, temperament, and your resources.You need to know your local tax rates, state/local landlord rules, housing authorities, insurance sources, financing options, occupancy and employment trends.There are crazy tenants but effective management can minimize the risks.Good luck.

Water at 125 per building sounds very cheap and understated.I can tell you when the landlord pays the water bill tenants take LONG showers,do not report leaks (running commodes,bathtubs dripping,washer leaks,etc.) and they let others was cars and use their washer dryer for clothes.125 by 4 is 31.25 a unit for water each month.I would demand the actual water bills for proof for the past year.If it's built in 1971 what about the lead based paint EPA renovation rules??

Ebere,I must distinctly disagree with you as IRS rules and regulations state that all expenses in preparing the property for rental activity(defined as listing for rent or actually renting which ever comes first) are added to basis.He inherited the tenants when he filed for the deed of a home in which as he stated the intent was to flip.

There is no statute being broken, so next time anyone tells you something is illegal demand they provide the statute or stuff it.However the lender has rules and without them co-operating your not going anywhere.

The way I understand the rules, you must be already active in real estate investing before taking the classes in order for it to be a deductible expense.