@Greg Dickerson hit the nail on the head.

Many tend to think they will pay a low cap rate with a loan today to avoid millions in tax penalties and then they will hopefully have a no to little pre-pay penalty loan and refi in 1 to 2 years when they believe interest rates will fall to preserve their spreads.Buyers not 1031 putting money down with a loan or paying cash want a return more than the bonds they are getting unless the real estate is A quality or better that rarely comes up every decade or so then they want to lock that in as part of the long term portfolio.I make millions doing commercial brokerage so only want to syndicate deals with high equity multiple potential.Brian did a lot of multifamily and then exited so he can sit back and only do deals when he wants to which is important for a quality syndicator.

It is the Board's responsibility to maintain, protect, and preserve the entire project, and that would include to a certain extent, dealing with someone like this.

The rest 90% is index funds, which have appreciated 22% annualized in the last 12 years (with absolutely zero effort).I’m still investing in RE syndications, but real estate investment is a capital preservation strategy for me rather than capital growth.

Hey Zach - I think Doug hit the nail on the head, it really depends on your goals and strategy. 

@Onan Dumas nailed it with cities to the east, south, and southeast. 

This dramatically preserves your rehab funds and allows you to pay back at a later time when your rents are there to cover the debt service.

It's important that we take steps to ensure that the natural beauty of this area is preserved while still allowing for healthy economic growth.

Minimizing Taxes when Building and Selling Houses:Utilize cost segregation studies: These studies can help allocate the costs of construction into different asset categories, such as land improvements and building components, allowing for accelerated depreciation and potential tax savings.Take advantage of available tax credits: Research and identify any applicable tax credits for construction, such as energy-efficient building credits or historic preservation credits, which can help offset taxes.Consider installment sales: Instead of receiving the full payment for the property upfront, you can structure the sale as an installment agreement, spreading the tax liability over the term of the agreement.Utilizing a 1031 Exchange for Commercial Property: To utilize a 1031 exchange for a commercial property constructed on a pad site, you can identify and acquire a like-kind replacement property within the specified timeframe to defer taxes.It's important to meet the strict requirements of a 1031 exchange, such as properly identifying replacement properties and completing the exchange within the specified timelines.Creating a contract for sale after renting the property for a year may not satisfy the "held for investment" requirement of a 1031 exchange, so it's advisable to consult with a tax professional or qualified intermediary to ensure compliance.Converting Raw Land into Individual Lots:There is no specific requirement to hold lots for a minimum of one year in order to qualify for a 1031 exchange.

@Eric Hajdu nailed it for you.