Is it worth going through when the average yearly rate of s&p is about 10%, which is pure passive income?

On the other hand, Option 2 with the BRRRR strategy entails owning a single property outright, building long-term equity, and potentially cashing out through renovations, but it's a slower ride, relying on successful renovations and favorable refinancing options, and you're starting with just one property, which may limit your income potential.

Can you even use your tracked hours against your wife's income?

Still very close to CA but no state income tax, property taxes DO NOT reassess on the sale (4th lowest property taxes in the US), much more landlord friendly, diversified job growth, population growth, and Reno doesn't have as severe of weather in the summer as Vegas.

Your monthly payment will be $15,000 and doesn't include taxes or insurance.

Though his gross income has improved substantially on paper from the horror 2020 days I’d still say he’s at 25% DTI front end.

You'll want to make sure you understand the K1/tax filing implications because if you own very small piece of let's say 10 properties in 10 different states you would potentially receive 10 K1s (one for each deal) and 'may' have tax filing requirements in 10 states. 

Principle, interest, property taxes, property insurance, HOA fee, repair reserve?  

I'm hoping I can get some tips or pointers from anybody with experience in land development or buying land off tax auctions.

Depreciation for tax purposesThe amount of annual depreciation OVERLY offset my net income on the property.