Positive cash flow would be a bonus.

A 6.6% cap rate building (your 200 month payback on cashflows alone implies a 6.25% Cap Rate, rounding up to make the math in the next sentence easier), that stays at a 6.6% cap rate, appreciating at 3.4% per year, generates a 10% return that is highly likely to continue to pace with inflation over the long-run. 

Your second property is either a highly leveraged property to round out. your 1031. 

While migration to Austin city limits has cooled, the surrounding areas are experiencing remarkable growth and present strong investment opportunities.In places like Williamson County and Hays County, fast-growing markets such as Cedar Park, Round Rock, Buda, and Kyle rank among the nation’s fastest-growing areas.

It's almost a rounding error. 

Bonus Tip:  Find a distressed HUD Home (google Hud Home Store) and you can buy a house for just $100 down!

I think we may see a return of bonus depreciation, but I doubt that it'd come without a cap of $1-2m, and a repeal of Sec. 179.

Not as big of an impact today, but I can see Trump reinstating the full bonus depreciation idea and making it retroactive. 

A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant who specializes in real estate taxation, business taxation, financial planning and tax planning.You may want to consider working with your accountant remotely to expand your options.I would also recommend looking for a accountant willing to work with you throughout the year.

I could not find the answer I'm looking for when searching.The following example could be used:- Amount invested $100k- Preferred return (5 years): 8% or $8k- Disposition (Sale) (Year 5): $200kThis simple example assumes no cash flow beyond the preferred return, no cost segregation/bonus segregation, and doesn't take depreciation into account.Would the first 5 years of cash flow (preferred return) not be taxed, and only the remaining amount on the disposition would be taxed (e.g. $200k - $100k + 5 * $8k = $140k)?