You could 1031 out of the property, purchase a new one or something you might like, "Live" there for two years and convert the property to a primary residence. 

My clients are still buying long term stabilized single tenant NNN more 10 to 15 year type stuff.I am buying with my syndication all cash short term lease blend and extend opportunities.Accredited investor 200k minimum per property for LP'sTypically pay 8 pref on value add deals and split cash flow thereafter 50/50 between LP and GP.Closed on Walgreens last month at 11 cap rate absolute NNN with 5 years primary term remaining. 

Primary residence capital gain $250,000 exclusion.  

I was told by my lender that this has to be my primary residence for some time.  

The page above very clearly states the primary asset is 1st mortgages in the current fund. 

Ideas bounced back n fourth.

It currently seems I’m not going to be coming back to the states anytime soon (given the upcoming projects within the next 3-4 years) but would really appreciate any advice on investment rental property strategy as so to start building the foundation for generational wealth/passive income.We have saved a substantial amount of money  for which the original intent was to buy our future primary residence with all cash if/when we moved back to the states.However, that’s not what’s going to build generational wealth and would rather put that money into passive income investments hence, real estate rental properties.

So much so, that according to AirDNA data there are 4000+ properties on airbnb / vrbo in this destination, though the property that I am evaluating has been used as a primary residence and has no rental history.

Or use your primary residence.  

I have a primary house in Santa Maria CA that we are renting out and getting cash flow from it,  thinking of using the equity from that house to buy here in Orange County.