No one's perfect and honest mistakes happen and a PMC often needs guidance as to what level an owners wants to maintain their property.Wasn't trying to solicit your business,so I'll respond via DM about the rest of your questions:)

It is standard practice and component level depreciation is encouraged by the IRS.Though it is very important to track you time as you go along.

I sold my company to a national PMC named PURE,  they have a large footprint in California and are always looking for people at most levels. 

I’m certainly newer in the capital raising space and I’ve found quite a wide range of experience levels throughout the group.

At the most basic level a good deal makes you money with minimal cash and effort.

Pricing and risk levels are about the same for the same type of stuff in either city.

Birmingham’s market is diverse, with various areas offering different levels of potential and risk, so getting boots on the ground can be one of the best investments you make in terms of time and money.I’d be happy to connect and share more about what I’ve learned from my experience managing properties in this market. 

And the reason why your "tale of two halves" will play out as you described.Demand:  This has actually been high almost all along, but rent growth hasn't materialized in response due to high levels of new supply. 

Whether it is the increase in hurricanes, intensity of hurricanes, rising sea levels etc.

Due to a very high entry level in my home state (Long Island, New York), I have turned to look at out of state markets, particularly Augusta, Georgia.