@Jordan Moorhead I know of many single-asset syndications as well as funds that pay distributions but have negative operational cash flow.

-- solid strategy as well, if you go this route I would consider investing with an operator that specializes in this asset class.

When I buy property, I am long assets. 

My understanding is that you can sell assets and defer capital gaines taxes in an opportunity zone until the property is sold.

Legal violations and penalities(fines) even if you have accounting software to track the difference. 

You can buy a set of five for under $300, subscription for the recording software is $10 a month, then the cost of WiFi or hotspot.If you've already had a couple break-ins, you are obviously in a high-crime area.

I am assuming you know about this, but you may want to consider doing something like a Wally Wrap so that you have an asset to show your next lender prior to your note seasoning.

In the end we had to pay to turn the space back in to a white box/shell and closed with basically zero physical assets.

As you mentioned, it’s not really an asset.

My firm integrated the services together and our clients have loved the one stop shopping for all RE accounting, tax, asset protection and entity work.