I actually posted a script that I use as a loose guide which you can find here. 

Another downside is you loose on the advantages, of the Federal Tax Code, by not closing in the name of a LLC.

Sometimes the square footage excess is due to addition, and sometimes it's not.

Holding as a rental property for 24 months will straddle three income tax returns and should be safe while less than 12 months is taking an excessive risk.   

I had the AC serviced and a fan motor on the outside unit had a loose wire.

We live a blessed life and the kids are well cared for but little excess remains for alternative, what some might consider "higher-risk," lest we pull a penalty-free early withdrawal from an IRA account.Mike and Randy,  All that debt paid off years ago was consumer debt, including our cars.

The bank's appraiser will generally FIRST determine and value "excess land".  

Hi Guys, well I love talking about this also, I was Investment and acquisition analyst, for a large private equity firm during 2008-2010 so you know there is some stories, I did well I didn't loose money I made money of the tape sales and bonus after bonus, so I open my own investment consulting firm and first time investors is one of the first questions, how long is this going to last and I say market regenerates, every 10-12 years, so 2020-2022 something will happen, bad its no gonna be good for ever, recently was having lunch with a group of analyst and big time developer and they keep saying it has no more the 6 years till our next crash what you guys think.

I am usually pretty conservative on my ARVs but 300k sounds pretty high.If the ARV was 300k I think a lot of flippers would (with a 35k repair bill) be at closer to 185k.Break down:Closing their sale, 3kfees to real estate agents 22.5kholding costs 12kOverages    15kRepairs 35kSo that is a total of 87.5kIf they paid you 217750 they would loose 2750 on the deal. 

Another downside is you loose on the advantages, of the Federal Tax Code, by not closing in the name of a LLC.