Is the loan assumable? 

The market where the warehouse is is 25 minutes from the previously mentioned area and has a popluation of 4500 people.

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The first is that there's no consensus between tax professionals, and the second is that you will not like my personal interpretation.My interpretation is:Until the property is "placed in service" - everything goes into basis.Illustration.You buy a property July 1st.You finish rehab November 1st and put the property on the market.Your tenant moves in January 15th.The property was placed in service November 1st, and it does not matter that the tenant did not move in until the next year.Everything paid between July 1st and November 1st, including interest and utilities, goes into basis.

And what happens after the 5, 7 or 10 years depends on the lender but typically it would be a balloon payment.

You will realize the loss for tax purposes when you sell the security, which it sounds like will happen in 2025.

I purchased both as a package and for the next six years enjoyed great cash flow as I paid the tax on the house lot annually at about half of what it should have been and neglected to pay anything on the tennis court lot.  

Not if you buy the worst lot with the slowest selling model.

Now, you can get some wholesalers but they usually don't know if the property will fit the requirements and regulations but you can learn that from the Realtor. 

This deal came through Partner Driven's local network in Windsor, NC.