Your gain / income on the sale would beSales price less cost to purchase the lane, less the cost to build the property, less improvements less costs to sell plus the depreciation taken on the property.Whether the gain is ordinary or capital will depend on whether you are classified as a dealer.

Specifically, I am looking to track the projected rehab cost of each unit, cash flow from rented units, first lien costs, general partners and limited partner returns.

I am looking for a platform that is cost effective, but allows me to track all the essentials, give owners access, and ease of accounting.

LOVE this software for the flexibility and cost - inexpensive set up and monthly costs by comparison to others like Liquid Logics and the Mortgage Office.

Keep in mind, taxes and insurance costs in California are higher than a lot of areas.

One area that has caught my attention is the Pigeon Forge/Gatlinburg TN area - seems like there is a good rental income to acquisition cost ratio.  

so - what are the ages of those items, how much will they cost to replace, and how long will they last? 

@Yu Xiao, using that property as a short term rental during the time you own it will open up some additional tax saving potential as will doing a cost segregation study to take advantage of some accelerated depreciation.  

As someone else mentioned I think that Househacking a multi family is your best bet and the recommendation I give to everyone looking to get started or even someone looking to buy their first home.House hack is the easiest barrier to entry becasue your cost for downpayment can be as little as 3.5% FHA or 5% conventional, and you usually get the best rates as a primary residence borrower. 

You can, but you will only have 1/3 of the total cost segregation benefits, and only for one year.Read this: https://www.biggerpockets.com/forums/51/topics/1122635-the-s...