Is there opportunity to put some money into your current home to increase the equity and sell (you would need to get more than $1 back in the sale for every $1 put into it)? 

Essentially, I’m buying out my partners and transferring the lots to my own LLC.1.Do I need a purchase and sale agreement for this type of transaction? 

@Russell Brazil I own the properties under an LLC, but there is a commercial EO fee for commercial, income properties, or business opportunities for $350. 

The idea that you can build wealth without putting any money into it is a recipe for disaster and the sales pitch of gurus trying to steal your money.

2) While I live in Chicago and have a good grasp of the abundance of the duplex and triplex investing opportunities, I've heard that Dallas and Texas at large is known for its proportion of SFHs.

In general, Taxpayers use a Schedule D, part of the Form 1040, and Form 8949 to report gains on these sales.

I specialize in investment property sales in Arizona. 

That being said, it might cost you a little more than subbing each trade out but you're likely to make up for that cost on the sale and the time you save by working within established relationships.If there are any major issues with the project you're looking to take on you'll want to take pictures if you can so you can send them in advance so any contractors can bring the necessary tools to assess the scope of work.Take a quick look at the materials you're going to need for the site either on Home Depot or Lowes or something similar so that you know roughly what the cost of materials is going to be.

What is everyone's experience with this regarding the due on sale clause once lenders are notified?

Second Ward, Third Ward , Greater OST are seeing a lot of development and I think there is a lot of opportunity there.