Rent was being paid and I still had to painstakingly keep track of the transactions, which sometimes made no sense or didn't add up.  

The key for most land transactions is can it be developable and appealing in terms of locations.

I'm only a couple of weeks shy of closing this transaction, but i'm stoked to get this far.I'm grateful for the lessons that i've learned (i didn't list all of them), and the lessons that i will learn.

@Kendrick CarterI would suggest following the @the203kway on Instagram.If you plan to spend more than $35k in renovations or there are structural repairs, you will be required to use a 203k HUD consultant - who is a great resource throughout the entire process.In my opinion, building a cohesive team is most important - below is the path I followed:1) 203k HUD consultant > asked for lender referrals 2) 203k Lender > prequal letter provided 3) 203k Agent > had personal 203k experience and completed transactions previously4) Offer Accepted & Under Contract > completed HUD walk thru and scope of work provided 5) 203k Contractor > asked for referrals from everyone, and the one I found was currently working on 203k projects and understood the process I am now just awaiting the contractor quote to finalize the loan commitment process!

@Roberto Vasquez, A 1031 exchange is an entire process that involves the use of an unrelated 3rd party called the qualified intermediary whose sole job is to document the sale and purchase transactions and to hold the funds inbetween. 

After doing a number of transactions, you might decide that 300 units with low profit per door might not be as good as 50 units with high profit per door.For now, you can buy your first building with a 203K FHA loan and actually do a BRRRR strategy by finding a building that after it's remodeled its value goes up 25% above purchase price + rehab.

Is it worth it to take on the extra work, existing or potentially new local ordinances, and seemingly new daily competition for a higher return or have I already missed the boat?

Make it an easy transaction for the seller.

i know some say that you should seperate all transactions from your name and create a seperate bank account for your property. thanks! 

We have renovated one unit and successfully proven the business plan to rent it out at a daily rate as a short term rental during peak salmon river fisher season.