Take care of it for a long time before it produces more than you can eat!!

Anyone who has gone through a successful ground up multifamily development please reach out, i would love to pick your brain on the process  Having just gone through a building project in the last few years in Whatcom County it is hard for me to adequately explain how difficult the County makes any kind of development.The cost for permitting and all the associated consultants for a project of any size will be quite significant and need to be budgeted for carefully with plenty of contingencies in my opinion.The strategy the county planning department uses is to make every effort to run up your costs and delays as much as possible in the hope you will give up and go away so development doesn't happen.  

Most professionals will recommend a separate LLC for every $1 million in assets, but I don't think that's necessary.

So your appreciation will go far, and 1031 Exchange your depreciation clock to 0 year.Please talk to a 1031 Exchange expert, and a CPA who works with real estate professionals

That can get pretty expensive and you would need to have a lease clause that the pool is professionally maintained throughout the lease period and shut down for winter months if your climate requires that. 

It'll be necessary to talk to professionals familiar with YOUR specific tax situation in order to address the pros and cons of using an S-Corp.

This can get complicated and client will need to get professional help to navigate this.

You came to the right place, there are a ton of professionals on here!  

Thinking about making a 60% profit in 3 years might seem exciting, but it's important to be careful with real estate.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?