That gives you some of my back ground.

My hope is that my investment experience will help my broker business get off the ground, then I can go from there.

Down the road, I see myself doing small to midsize multifamily projects, and my dream would be to do ground-up development and adaptive reuse projects.

Don't want to bury myself with to much bc I'm pretty busy with my own projects but my number is with my info if you need to talk not type, you know on the ground in the field with stuff happening in real time.Best of luck on this apt deal, if you can figure it out it could be a money maker, just think the price is high. last note - get an appraiser out there and walk it with them and get a market overview of what the value would be after you execute your current plan - it might work well but you don't know until you get the info!!!

Develop a model to use in that phase and then go out looking.  

That broker needs a pipe line so full that it wouldn't even phase him if you did or didn't do deal with him.  

I get that the ability to deduct passive losses phases out completely over 150k and that they carry forward.

He and his wife are buying a new home (in the construction phase now) and putting their current home on the MLS on March 1st.

having been in the business for a few years, no ceiling, no floors, mold and bad odors no longer phase me, it norm.

When reporting on schedule E, rental losses are subject to activity rules which phase landlords out of deducting the losses against their ordinary income.