Wherever you do invest, try and play by the rules.It can be a very expensive learning lesson which it looks like this will be. 

I know this is very ambitious, but I have always had big dreams (like playing D-1 baseball in the SEC).

LTRs are usually a 'safer' play, particularly if this is your first real estate investment property.

General appreciationIf it is in a solid area, maybe the play is appreciation and then a few years later do a 1031 exchange to another, better performing property.With multifamily, typically you can't do STR, but maybe MTR?

I would assume little to no appreciation over next five years so I would model it and see where it plays out

Generally speaking, they will not play by your rules, take kindly to rent increases, and will be difficult.

How this should play out?

With continued population growth and industry, LTRs are great for the long play but can be difficult to cash flow.   

This is a tough one because your situation, income, risk tolerance all come into play when recommending other tax strategies.

It's going to be interesting how it all plays out, that's for sure.