I always think it's sketchy when people hide this fact.

Some things to think about:1) Estoppal Letters - Yes, definitely.

I don't think you can go wrong if you have the liquidity and the market is strong. don't forget that hotels are built in the middle of nowhere brand new and do fine. if you want me to look more closely at it send me a DM, this is ours right here that we proposed so you can see the style but it's 81 residential units, 45000 sq ft, 6000 sq ft of retail, no parking. on your assumptions, your occupancy rate looks high. pull some hospitality reports in the market and see what it is. your exit cap looks about right for what I've seen in hospitality.

I think maybe setting up an LLC to buy out my brother in law might make sense?  

I don't think there is a waiting period, as the IRS looks at this one year at a time.

I think there are multiple ways to address the issue.  

Most of my properties are in Detroit where I think now is a good time to start investing.

If you have more of an appetite for leverage, then I think you trade up into better quality, higher appreciation assets; however, life does not exist on a spreadsheet.

Also there are tax credits available which I think are @ 30%, look at the commercial solar incentive for rentals. 

Hey Gavin,I think what you are doing is setting a great foundation.