Also one can protest their property taxes fairly easily.

However, from the stories I've heard it so far, sounds like it can lead me to the life I want for my future if I play my cards right.

This is fairly common in college towns so I'd recommend verifying that before going off on a buying spree.

It was in fairly good condition, and I KNEW I could easily lease it out, or lease sections to various business, or sell it for double or triple what I paid. 3 years later, having not even received an offer to lease AT ANY PRICE, I sold it for $25,000 LESS than I had paid.

Fair enough?

We have our lease terms but are flexible and treat people fairly.

Preference is cash-flow, but open to appreciation/equity plays as well.

Ensure the sale reflects fair market value to avoid gift tax.

In my experience, the turnaround time is fairly short and can be done in January/February and still leave enough time for your accountant to file taxes. 

A lot of new constructions are more of equity plays than cash flow plays.