I tried to push an offer over the phone and was told that I have to wait for the property to be on the public market, which makes no sense at all.

The neighborhood of the house that I did see in Brooklyn definitely isn't a Park slope or Williamsburg by any stretch of the imagination, however on my previous apartment hunting adventures, I've seen landlords rent spaces in Brooklyn in sketchy neighborhoods for $2,000+ and people (gentrifiers) pay it!

One issue came up and need your help:The stabilized value will be $20M Debt: $12MI was going to raise $4M for 50% and keep the other 50% (I really like the space-great credit tenant-I pushed hard to get 4.5% increase - newer built-best location etc.)TAX issue: My basis in the asset is closer to $5M (50%=2.5M) when raising $4M for 50%, how can I structure to not incur a taxable event?

Undoubtedly, others will trot out Don Campbell and the RIEN network (though many like his publications and organisation, I'm find them a little too sales oriented).I would suggest Douglas Gray's "The Canadian Landlord's Guide: Expert Advice for the Profitable Real Estate Investor" as a good primer. 

But other than that you will find commercial/public still uses it pretty often.

In fact, I suspect they are responsible for a good portion of the rent/value increases we've seen over the past decade, since nothing really hits the public market. 

I would be required to submit a plot/site plan as well as have a public hearing.

Craigslist.If you are close to campus you can rent out parking spaces.

I forgot to also mention it's ranch w/ 1440 sq/ft living space on 4.5 acres.

Not my space but to me, it's riskier than selling shelter to people.4.