It'll depend on what type of property you have, but there are number of tax shelters that you can use on real estate investements; that's the reason real estate is such a highly sought after investment and why so many have amassed their fortune in real estate.

So I guess it depends on how much equity is still in the property once the unpaid's get satisfied.

Contractors need licenses and to be properly bonded(depending on state).

@Ian Ray Not sure if you plan to hold all 3 but it depends on the deal structure and that we can see the numbers on a BiggerPockets calculator for example.So what would help us all here in analyzing this deal without disclosing the address is to provide the following to the Potential Partner.Number of units?

What route to choose really depends on your goals.

@Ike Ekeh How things go really depends on whether the parcels involved are already incorporated into the relevant municipality's growth plan. 

@Devin Mann they don't explain the holding costs in detail, because it will vary depending on the lender you use. 

I know results will be highly dependent on many things.

@Paul Yousef The benefit of cost seg is dependent on the amount of '5-year' property (i.e. non-structural components in the building) that can be identified, 'segregated', and accelerated.

I go to Papersource and it depends on your objective with investing.