I found it very unlikely that the government would not want to get their piece of the pie, especially if they had purchased a new primary home.Donyou have a Tax Code or Publication Number you can share so I can study up and understand your thought process more in depth?

The major pieces of information you are missing include NOI which includes deducting all of your operating expenses from your gross rents sans debt service, market dynamics (what are vacancy rates and asking rents like in the market the building is located in?)

Moving and buying your first piece of real estate is a lot in the next year!

Because in this case zoning took a 155 acre piece of real estate with incredibly prime location, and made it only worth at maximum 145 acres miles outside the city. 

I struggle with podcasts because they show a slice but not usually a start-to-finish how-to and you could invest countless hours (like I did) listening to many podcasts to piece things together.

Please do both of us a favor, and write it down on a piece of paper and burn it.

The biggest piece to me would be understanding how the priorities of those share classes play out, which should be outlined in detail in the sub docs and waterfall.  

Feel free to drop a piece of advice or let me know if you'd be interested in connecting!

I think they are the most critical piece of the puzzle when investing from a distance.

My piece of advice would be to make sure you have a great agent in your corner to help you assess the market, make informed decisions, etc. having a good agent can be day & nights difference when it comes to your experience.