If you believe it will continue to appreciate (like most of San Antonio), I would hold on to it even if there's a bit of negative cashflow for the first year or two. 

I also hope airbnb does not continue to get less host friendly.  

Continue to expand my bareland funding for land flippers .

Personally, if your market tends toward the former condition (better/normal appreciation) I think it's a fairly safe deal looking at the long term, assuming infrastructure around you continues to support the idea of renting it.

I'm not an attorney or expert in AP specifically, but do have a working knowledge of it for Civil engineering/survey work and have had two projects where this came up and I was able to 'ride along' and see how it unfolded.First, if you 'know' the property has been taken by AP then there's nothing for you to do with the tax assessor etc.

I see 3-5 as a fad.Fractional ownership - way to much overhead for these to be profitable. think "timeshare".STR in non traditional markets - running a STR is a business and real estate, boils down to location location location - who would want to go to a conference and stay in a STR vs. the hotel where the conference is at, most businesses pay for this I do not see why.Mixed use with green - this has been going on for years- it will continue but it is also more expensive to build - which means higher costs to use.Not trying to be debbie downer, I have seen these attempted to be done in the past and they really have not been successful.I do really like the BTR model though as I continue to see that as a very good option in the future. 

At the numbers you are talking about and where the market is heading you could pick up some very high quality NNN national credit tenant properties as commercial continues to recover. 

Refinance after project, cashed out and continue to receive positive cash flow.

This is a great platform to network and to continue to learn.Best of luck on your real estate journey.

Places like Texas where you’re at will likely continue to face significant insurance increases given more weather related events which makes it challenging To pencil, but if you have good population growth, things should even out.