I would also think it should be only available nights to guests, and that is how we track our properties.

Note: I am under the impression that me material participating in this exercise will fall under the "Real Property Development or Redevelopment" activity, thereby allowing me to cost segregate the home construction cost.

Have you ever struggled with pricing a flipped property, and what strategies did you use to set a competitive price?

Since this is an owner occupied property, the ability to repay is not there and if the wife ever defaults in the future she can claim it was a fraudulent loan.2.

IRS Publications 946 (How to Depreciate Property) and 527 (Residential Rental Property) can offer some guidance. 

We bought a property that passed inspection and thought we were on our way to a successful rental.

Also, rather than taking a large amount of money and investing into one single directly owned property (or loan), you can split it up into much smaller chunks across many different passive investments.

However, your son and daughter-in-law would need to be tenants of the property rather than the owners.

I currently have property with 1 acre and we are planning on building townhomes on it, but not sure how to get started.

Correspondent lenders and brokers only do mortgages - that's their entire focus.