- Run a cost segregation study on this property in 2024 and you might have $100k on line 18...Without diving too deep on this post - If you run this scenario as a real estate professional while materially participating in the property, You'll be able to reduce your's and your spouses taxable income that year... 

If so, what were the key ingredients or tactics you used to make this work?

Seems like a low risk strategy for you to start taking action on your dreams, which is the crucial ingredient towards reaching FI. 

This lesser-known strategy could help you save money and reduce your monthly payments without the hassle and cost of refinancing.

I would need to consult tax consultant for this however I expect to reduce my effective costs by ~$1,495/month (based on a 32% tax bracket).2.

Yes it's a huge problem.You should fix this correctly now.Open the walls and put in proper sound reducing insulation.

To avoid reducing your lifetime exemption, you could gift equity incrementally, but this requires proper legal structuring (e.g., fractional ownership transfers).

We’ve started talking about the potential for collaboration, particularly to reduce construction costs by building simultaneously.

A 1031 exchange doesn’t apply, but funding through a self-directed IRA can defer taxes, though profits from debt financing may trigger UBIT.To reduce taxes, consider forming an LLC for better expense deductions, offsetting gains with investment losses, or holding the property for 12+ months to qualify for lower long-term capital gains rates.This post does not create a CPA-Client relationship.

In some cases, federal tax credits like those for low-income housing or economic development might also apply if the project aligns with certain goals.Instead of buying the land outright, developers often lease it from the tribe, which can reduce upfront costs and sometimes come with favorable lease terms.