The house is in an older part of town and has presented some unique challenges over the years. 

I found an area that is very unique, an island with no cars, and the real estate is surprisingly affordable.

This was a very unique situation that turned out awesome for everyone involved. 

Our region is unique in its current pricing. 

Just keep buying rinse and repeat because here in Arizona by the year 2020 minimum wage to be $12.50 an hour and Mi Mi popped off by the marijuana law might pass in the state there is a bipartisan Ballot for 2018 we could see happen what happened in Colorado and also if you didn't know between the Interstate10 and the Interstate 8 going to Casa grande a huge theme park the size of Disney World is being built .

Based on other things I've read, I had thought that Loopnet was a place where listings went to die, rather than a good place to find them, but perhaps Chicago is unique?  

Memphis has great potential for solid investments and we have a unique market.

Unique approach for sure, kudos to you.

You'll notice quickly that there is a common theme throughout the information and you just need to figure out how to apply it to your particular situation. 

You need to ask your CPA to give you a definitive answer to your questions based on your unique facts and circumstances.Other related issues you should also consider ... your hazard insurance  policy and your title insurance policy.