That building is now in a huge internal fight over whether to change the bylaws.We can talk about the merits of that, but it is what it is right now.

Not interested in the merits/opinions. 

I love getting to discuss the merits and downfalls of ideas, options, strategies, and tangibles.  

Read the definition of discrimination and think about what you are proposing.DiscriminationTreatment or consideration based on class or category, such as race or gender, rather than individual merit; partiality or prejudice.What do LGBTQ people want?

The smart folks on this thread already called out the merits of attending Meetups.

The only rule you should be living by is that you will evaluate each property on its own merits.

I know many factors and specifics have to be determined on an individual basis and that they can destroy the merit of the question.

.$100,000 purchase priceDown payment $25,00010% COC ROI = $2,500Assessed value: Land 20,000 (25%), Improvements 60,000 (75%)Depreciation deduction: 2.5% of 75% of purchase price = $1875 (7.5% of the 25k acquisition).This might merit a longer explanation, including how the principal affects the numbers, but that's basically how it works.

But even if you're building that property for investment it still won't qualify for 1031 because you already own the lot and cannot exchange into improvements on the lot.I think your idea of selling the land and doing a 1031 exchange to purchase a different investment property has a lot of merit. 

@Thomas H.McNeill There are two modes of thinking on this, and both have their merits.1) Year leases will "keep" good tenants at the property, as they will honor the agreement they signed and recognize that there's a legally binding contract which they have to follow.