As for how it currently performs as a rental, I ran my numbers for fun:With my estimated $4,200/mo rent, you seem to be holding this at a 5% cap, but your Cash-on-Cash is rather low, only 2.6% CoC return after paying your mortgage (doesn't beat current inflation).Looks like you should capture the appreciation now by selling it, and either 1031 those funds into a more-profitable project (something 5%+ CoC), or just put the money in a 5%-yielding money market account because values are basically at their all-time peak:Are you yielding much more than $400-500/mo in CF after paying the mortgage, taxes, insurance, & utilities/maintenance?

I have a tax form coming (my first ever) later this month for the only non-cash job I did last year.

Could be as simple as 1099s and direct invoices or as complex as tiered incentive structures and an official payroll with payroll taxes and all that comes with it. 

When you utilize strategies that reduce your taxes, you’re creating immediate cash flow to put back into your business and grow your wealth.As a real estate owner myself, here are some tax strategies that I’d recommend discussing with your CPA.Energy Tax CreditsSolar Tax ProgramHistoric Tax Credits1031 Exchange ProgramReal Estate Depreciation InvestingOpportunity ZonesEngineered Charitable Deferred TrustCost SegregationNet Income Loss AcquisitionLow Income Housing Tax CreditEmployment Tax CreditsThese tax strategies offer so many benefits.

What tax benefits can I spell out for them?

Taxes tend to be higher than other counties in jersey (excluding Bergen county of course)  and parking is definitely an issue.Best of luck to you in your investing endeavors. 

You finish the project out in 12 to 18 months and the tax assessment is orginally low because dirt value only, then building 50% occupied, then 90 to 100% occupied (hopefully) but then gets fully reassessed.The reassessment pushes your base rent plus CAM super high and shocks your mom and pop to local tenants.

@Michael HooverAnother property category to consider might be land - buying under-market from distressed sellers or tax sale/foreclosure auctions, then selling with owner financing: cash up front from the incoming buyer, then a monthly cash flow with no tenants or toilets for a few years, then a chunk on the back end when they pay you off.

I also purchased Incite Tax to do my taxes but I am paying a lot for the service. 

The cap rate is your key initial indicator for "profit" but when you evaluate properties, bear in mind that many times the current expenses are inaccurate for a variety of reasons, the most likely of which is deferred maintenance which will come back to bite you later.