My sales and acquisitions in a slow year yield roughly $350,000, with potential earnings exceeding $500,000 in taxable income.

Book recommendation #1: Hands Off Investor by @Brian Burke https://store.biggerpockets.com/products/the-hands-off-inves...Book recommendation #2: Lend to Live https://store.biggerpockets.com/products/lend-to-livePodcast Recommendation: PassivePockets podcast is focused on passive investing in syndications - https://passivepockets.com/podcast/Passive investing summit: PassivePockets Summit May 2-3rd in Columbus https://get.biggerpockets.com/passivepocketsevent/I make these recommendations specifically since you mentioned passive real estate investing, and syndications or hard money lending are really the two most passive ways to invest in real estate. 

I would get more details on the numbers and go through it with an experienced investor. 23% expense ratio is laughable for any apartment building, let alone an old class c product.

Tampa’s market has been hot, but if appreciation slows or reverses, you could miss the window to maximize your gains.Exploring a 1031 exchangeA 1031 exchange could allow you to sell the property, defer capital gains taxes, and reinvest into a property with stronger cash flow.

Increasing for times when there is more demand and decreasing when it is slow. 

Permitting is painfully slow, even with long cultivated relationships with the county.

Custom building a home is a slow and painful process.  

This fundamental slow in housing starts has caused household formation to outpace new homes (single and multifamily) by 2.3 million between 2012-2022 (Source).

This would allow you to sell a property you had purchased with the intent of holding for productive investment use. 

That would have been known up front if that was the original loan product being used.