And, if Demorats are elected the favorable treatment will probably go away because they hate favoritism for capital gains.

Also it would mean I get a different tenant pool for example travel medical professionals, displaced people due to insurance claims, digital nomads, etc and I really want to expand my knowledge outside of long term tenants and challenge myself to have a diverse portfolio of real estate! 

if something is just sitting on the MLS looking too good to be true... then it's too good to be true.these properties are going to have higher costs overall, be in more challenging neighborhoods, have very gnarly deferred maintenance and capex, potentially have liens, be high turnover, and require expert, highly knowledgeable, localized support to be successful. see for example this thread.https://www.biggerpockets.com/forums/48/topics/1137397-balti...and even at those price points, i think cash flow is fairly low to non-existent if rehabbed to a high grade, especially with DSCR debt. 

Load bearing vs non load bearing etc.

Since most real estate purchase agreements do not assign value to each category, taxpayers must understand what options are available to determine the appropriate allocation to land and building.Taxpayers are required to separately identify the value of non-depreciable items (i.e., land) from the depreciable building and site improvements.

Many syndications provide tax benefits such as depreciation, which can offset income, and some offer favorable capital gains tax treatment when you sell.Municipal bonds are another tax-efficient way to diversify, as the interest earned is generally tax-free at the federal level, and sometimes state level too, depending on where you live.

You should be able to see this on your return, both treatment and election. 

Non starter for your venture.. 

@Noam KorenThe historic northeast is like any C area, with good PM you can have great cash flow and with bad PM you can have very bad results (trashed units, non-paying tenants, evictions).

She needed to sell quickly to afford cancer treatment in Chicago that her insurance wouldn’t cover.