But until we find the billionaire philanthropist that doesn't care about making a penny and has the drive to come in and fix-up depressed areas...we are stuck trying to work with these rich developers.

You trade managing tenants for managing property managersI have only been successful at BRRRR because I bought my first one in 2014 when the market was still quite depressed. don't get me wrong it can be a great way to get started, I just finished my last one, but use it as a stepping stone, not an end game. 

In an area that has been depressed, but has new large businesses moving to the area which will compress housing availability, push rents a little higher and push property values a little higher.

(if that deal would come across)  The numbers rarely work out (as you said) for him to make the deal just looking at the depressed market. 

Moreover, we are putting money into a depressed area that is on the mend, and the only reason we were able to ascertain that was that we are local and I was able to investigate the factors that made that inevitable carefully.I'm not sure this is the wisest strategy for you to carry out long-term from a distance.

I understand it on paper, but how does a Blackstone unwind that position without depressing the market?

Tampa for 30 years and going through three Bubble Economies, the third being the biggest Depression and loss of property values in our History, I would say Sell.

At 22 years old it was depressing to think I might be managing that restaurant for the rest of my life. 

St Louis is a depressed market with a local government that is unwilling to invest in their infrastructure and redevelopment.

Given the individual is a big time Broker, and the property is in a long time depressed market that is starting to get some redevelopment traction, it is probably them using it as a way to facilitate a bigger deal, and maybe hit a home run with it if the area does take off.I thought it was worth asking here because I’m sure somebody has done it, or it will give some future reader an extra tool to think about using in their deal making toolbox.