S8 standard voucher amounts INCLUDE all utilities.

Great topic — ground-up projects can produce strong margins, but execution risk is where many investors get caught off guard.From the builder/developer side, the biggest challenges we consistently see are:1️⃣ Site Work UnknownsFill, compaction, drainage, and soil conditions can shift budgets quickly — especially in markets where lot conditions vary significantly.2️⃣ Utilities & Impact FeesWater/sewer access, well/septic requirements, and local impact fees are often underestimated during underwriting.3️⃣ Environmental FactorsProtected species, wetlands, and flood elevation requirements can affect both timelines and build costs.4️⃣ Permit TimelinesApproval periods — particularly when civil or environmental reviews are involved — can extend holding costs beyond initial projections.5️⃣ Builder Execution CapacityProject success often comes down to the operator’s systems, trade relationships, and cycle times — not just the numbers on paper.Because of these hurdles, we’re seeing more investors lean toward ready-to-build projects — where feasibility, plans, and permitting are already in progress or completed — as a way to reduce entitlement risk and shorten timelines.Ground-up can be extremely rewarding, but the upfront diligence and execution planning are what ultimately determine outcomes.Always happy to compare notes with other investors and builders working through similar projects.

@Jason DeangelisHave you given any thought to what strategy you want to utilize over there?

Depending on your other income, short-term vs. long-term strategies can have very different tax implications, and many people get into real estate investing precisely because of how it interacts with their overall financial picture.Since you guys are planning flips now and rentals later, the tax setup matters more than most people realize.For flips, the IRS treats everything as active income, not capital gains, so once you’re doing more than a deal or two a year, you’ll want an S Corp (or LLC taxed as one) to avoid paying more self-employment tax than you need to.

You have no downside protection when you are utilizing debt for the entire acquisition. 

The more our world shifts into AI and artificial content, the more people will value real human interactions.

Remember, the foundation of a long and productive relationship is communication.Some approaches:- Step ups monthly or quarterly- Bill back utilities or obligations, if lawfully permissible- Work with housing assistance provider, if applicable- Large increase on lease anniversary (this could encourage vacancy)Give them ample notice of the increase (60+ days).

The majority of our building component is the club house and underground utilities so we're able to maximize 15 year components.  

A 401k distribution would generally be treated as ordinary income in the year you take it, so the key is modeling how that interacts with real estate professional status and any accelerated depreciation.With 19 rentals in play, running projections both ways before making a move would probably give you a much clearer answer.I agree bringing in a CPA for this is a smart step.

Typical buckets:Income: Rent, late fees, laundry/otherOperating: repairs & maintenance, utilities, insurance, HOA, supplies, advertising, legal/pro fees, bank feesTurnover: cleaning, paint, small replacementsCapEx (capital improvements): roof, HVAC, major appliances, renovations (track separately)Liabilities: security deposits (not income)Auto: mileage (or actuals) + tolls/parking if applicable5) Year-end handoff to your CPA becomes stupid-easyGive them:P&L by propertyBalance sheet (including security deposit liability)CapEx list (date, vendor, amount, what it was)Mileage total + method1099 info if relevant (vendors)PM statements (if applicable)If you want this to feel effortless, the best move is using banking that’s designed for rentals: separate accounts by property, clean transaction feeds, and bookkeeping/reporting that’s “landlord-native.”That’s why I like Baselane for this exact question: it’s banking built for real estate investors, so the workflow above becomes the default instead of a constant discipline test.Full transparency: Baselane is a BiggerPockets partner, but even if they weren’t, the “banking-first bookkeeping” approach is still the right answer for landlords who want clean books without living in spreadsheets.