What the contract does is lock in your rights as a buyer but delays closing until some future time, possibly years or even decades. 

If they'll disallow you claiming a big chunk at once, in what way are you allowed to take depreciation for now and future years?

Would love to connect and learn more about your investments and future plans.

Would aslo  need to have the debts separately from personal liability so it does not interfere with future personal financing.  

Neither of us can predict the future price (nobody can).

Carefully consider how this 4-5 year investment time period aligns with your future financial goals.

Establish better future procedures and enforceable protective language in your lease.

Future sale price is set, regardless of market.

Consider factors such as location, property condition, future development plans in the area, and your long-term goals.Remember, patience and persistence are key.

In person its a place I could see maybe doing an investment or two in but its not where I really want to set up shop (I mean that literally; set up a home and also set up a wood shop - so I can build custom cabinets and stuff).If Santa Cruz, CA ever goes on sale then I'll go there and suck it up with CA laws and cost of living, but for the foreseeable future it is not even a remotely viable option; I looked at a fourplex there generating $10k in monthly income and priced at $2,700,000.