You could also look at selling the "paper lots" in advance of building out the infrastructure, but that depends on your financial ability to take this from dirt to finished product, and ultimately for holding long-term if that's the goal.

I'm ultimately looking for 5+ unit deals but understand that 99.9% of the deals that come through are going to be SF and Duplexes, and that's okay. 

Ultimately I think that a BRRRR sounds like the route I want to take, but think maybe starting somewhere else could be less risky so I can get my feet wet first.

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I took the recommendation of James Kojo about speaking with the syndication sponsors who ultimately allowed me to invest a lesser amount which allowed me to avoid investing as part of an LLC. 

But ultimately, because of these risks, most real estate investors see most of their return from appreciation versus cash flow.  

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I still have risks and I'm putting a lot of faith in these providers, but I was tired of not taking action and ultimately realized that what was stopping me from action wasn't money it was knowledge. 

It's a cash-flowing property I've had for years and I ultimately decided to keep it and do a cash-out refi to purchase the next one.

Under the current law, the taxes would be deferred until 12/31/2026 and ultimately due by 04/15/2027.