This allows the investor to benefit from future buying opportunities in the REIT without triggering any capital gains or depreciation recapture tax events.

And it all thus incentivizes the correct future actions of others. 

This type of project is a future goal of mine.

Purchase preforming notes capped at half your total deployable capital (150K)Then sale the future revenue of those notes through note exchanges, doing this will allow you to hedge the US real estate volatility while turning a profit from the market  

After that, all rental losses are blocked and pushed into future years.

When the syndication is sold in future years, are the gains, depreciation recapture, and distributions also taxed as active income?

Zoning, special use or variance potential, future zoning map2.  

I am unsure if my CPA has: 1) mischaracterized the losses from the sale of my rental income properties, and 2) is missing out (either carry back for 2 years, or future carryover) the loss from the sale.

A 1031 Exchange looks like its the best plan here but you'll have to be diligent to find an exchange property that also meets your future goals and works with the timeline of your home sale.1.

I will offer this suggestion, If you can secure long-term tenants post-leaseback and consider future value-add improvements, the property could yield even greater returns.Also, keep a close eye on commercial real estate trends in Middle Tennessee, especially given the area’s growth.