My wife and I run collegiately and can potentially get schooling and living expenses (such as housing) paid for with a sports scholarship.

I believe Calgary appreciation has run it's course, but it's really an educated guess. 

I'm trying to plan this out as well as possible to avoid any issues down the road.I've seen the stories where people run into issues meeting this requirement and get scrutiny from the IRS, to me it seems the two biggest red flags might be when they hire a property manager and also when they rarely go out to the property to work on it themselves, always relying on contractors.

The rest of the land isn’t really easy to build on so It is virtually worthless to you.Let's say you paid $5MM for the facility based on NOI and the land came with it, virtually free.So you decide to get the property appraised for development value and donate it to a land conservatory.The appraiser runs some comps on other land recently purchased to get you a value.They come back and tell you the current development value of that land is $50,000 an acre. $50,000 times 15 acres equals $750,000.You give that $750k development right to an agency, and It is treated as if you gave $750k to the Red Cross.It's a huge deduction.Depending on your tax bracket, that tax deduction could be worth several hundred thousand dollars to you.It's a pretty big deal.

There are great tax write offs if that is what you need and most passives are getting about 8% cashflow in a well run syndication. 

And if I sell it why does it make more sense in the long run, and at what price should I sell it for if it’s appraised for less than I bought it with current market.

However, if you can find properties where you can add significant value, this method could still work well in the long run—it’s just something to be mindful of in your overall plan.With $160k in available cash, you’re in a great position to start purchasing your next property or two.

I’m glad you’ve identified the first vehicle you would like to take.

Run the numbers, check for cleaners and handy people availability, see what you can find to outfit the place locally, etc etc.You can, even today, still score a deal and do well with a STR.

Poor management of contractors, permit delays, or running out of funds can extend the rehab timeline, costing you money.