I'm trying to understand the rules for stepped up basis on a house owned as joint tenants with right of survivorship.Specifically, this is for joint tenants that are not married.  

3) Were the lots deeded separately or jointly to the owner? 

Though they are slightly below market - they are long term and seem to be healthy prospects in keeping.  

Tucson had been appreciating at a healthy double digit appreciation rate and I wanted to take advantage of that.

Too Long; Didn't Read:What I bring: $70k cash, cheap realtor/access to the MLS, construction experience/not afraid to get my hands dirty, connections in the local construction industry, mentor who has been flipping for 15+ years, lender lined up for a HML (90% of purchase, 100% of rehab for 2 points @12%APR), steady job and healthy savings, flexible schedule, eagerness. 

There is a ton more risk putting $500k into 12 units than 100 or 200units That a larger syndication might offer, so I would want healthy returns to offset this risk.

Hey @John Mark Morelli, there is no need to cut those pines if they are healthy.

That makes great sense.My only concern is that the property was held jointly with me and the other partner, I took the 121 exemption, and am now owning the property fully through LLC B and doing a 1031...within less than a year.  

A nice healthy capex reserve is the best policy.

When I first started I'd work 9-4 as an agent then worked at a fast food joint from 5-11.