While attractively priced, It's 24 pgs of proprietary legal doublespeak that basically guarantees I pay him $35k in commissions whether we close our not, warrants and forever and holds harmless his buyer if hazardous materials are ever discovered on the property and blah blah.

most lenders  will  utilize the  schd E rental income average  method  for  including rental  income for  qualifying ...if the  proeprty is  recenlty  purchase the  vacancy factor  approach is used 

It will be a factor if other aspects are not adhered to but if it is the only one not very likely.

Perhaps it's fair, just because the money-partner made the deal happen in the first place, or there's some other factor that I'm missing.  

I need to start getting cash flowing property, can't be working as an RN forever.

@John Warren @Joe Archbold- Currently living in my forever home (not looking to house hack) in the SW suburbs near Midway.

Another factor is what the average sale price vs. list price is for the area.

Still not deal breakers, just factor into the cost.

@John CarboneOne factor in my business specifically gas prices have a large impact on is construction overhead.

The complicating factor is that I already own the land where the new property would be built, which would exclude any improvements from 1031 exchanges.