If you hold for 2 years then sell, I feel very strongly that you will do well. 

I don't know the %, but I would still guess 90% washout or never hit their goals, but I do see some "graduate" and seem to do well long term. 

I recommend you hire an attorney for this until you know the process well enough to do it alone.

However, these properties generally have a lot of land improvements that qualify as well as certain portions of electrical, mechanical and plumbing that can qualify.

A Property Manager can also assist with understanding local regulations and the practical aspects of property management, ensuring you make a well-informed decision.Feel free to share more about your specific needs.

That's my takeaway as well.   

Drilling a well or building out a septic?

Again, this topic can be discussed AT LENGTH as well so let me know if you want to go further into it.My suggestion to every new investor is to trust your instinct. 

I am doing by the room as well and it has been a struggle to find a pm that will manage it! 

You can indefinitely defer the tax and use it to purchase nicer property/properties, as well as not have to recapture any depreciation.