This city hosts a vibrant, diverse community with a strong emphasis on family-friendly activities, educational opportunities, and cultural events that enrich its residents' lives.

But I would plan to reinvest 100% of the cash flow into asset upgrades because our 100-year-old buildings need it.I think there’s too much emphasis on residential and even multi family.  

This quote below is from your link with bolded emphasis by me:So, even if you materially participate in running your rental properties, you still can’t deduct those losses against other nonpassive income.

However, I feel like there's a lot of potential to run into a lot of walls/pitfalls that can cost a ton of time/money if I do this route.At the end of the day, I want to put a lot of emphasis on using the newest technologies to streamline the business as much as possible. 

You guys put to much emphasis on structure and not enough on the operator and the assets...

While your credit score matters in the real estate investment space, borrowing is more relationship oriented and greater emphasis is placed on the collateral. 

Unfortunately many investors become laser focused on the 100% recapitalization of their transactions and end up working harder than those who don't place all of their emphasis on the 100% capitalization and have real estate portfolios that perform better because they made investment decisions better aligned with the underlying real estate's fundamentals. 

But I guess I'd push back on your emphasis on "free."

This is and I say this with extreme emphasis NOT the time to be learning, the market is wayyyy to unpredictable, I mean the material market, weather my suppliers can't commit to a price for more then a few days or the item is 3 weeks out.

Sec. 1.167(a)-(11)(e)(1)(i) provides that property is considered to be placed in service when it is “first placed in a condition or state of readiness and availability for a specifically assigned function” (emphasis added).