If I do take a basis of 150K for the large subdivided lot of empty land and don't realize capital gains on it, does that mean that the remaining smaller lot with the house now has a basis of 50K when I go to sell it?

I am guessing the toilet/shower are not high efficiency, or maybe there's a leak, well that may be a value add I am more interested in offsetting the remaining cost to tenantsSome more background...Small town of about 20K people, ~25 min drive away from a large city.

I currently reside in Virginia and it has alot of potential for future investments. ill be obtaining my business license in a couple of weeks and i just wrote down a plan after an excessive amount of research but not to much research i know how it can  overcrowd your judgment and overall motivation. im starting from the bottom so this 32 year old would love guidance, wisedom and life long friendships , thank you and God Bless

May his girlfriend remain on the property as a life tenant? 

It's so motivating!

Interest rates likely to remain low - Interest rates will go up over the next 3-5 years, but I see no reason to believe they will go up by more than a a point or two.

Remain loyal.If you do find a fellow landlord (or anyone) who shares information and contacts, make sure you give them a proper thank you.

I'm curious what your motivation is behind partnering up when you are able to pull $80k out of your home? 

You are not motivated to rent, which means it will be a big stressor in your life.

@Alexandra Leigh Relax - you're not discriminating, you're just asking for advice, and you have good motives...