George - many investors are transitioning to less management intensive real estate investments like the "Property 1" you described. 

Unfortunately, the STR space is work and capital intensive, especially upfront with a value-add property. 

with the two "Brand New Intensives" classes.

I also have the rent lower than other comparable properties in my area because I know this is an intensive process.  

Cost segregation IS a time-intensive application of highly-detailed and specialized knowledge of building construction in addition to a full and vast understanding of the Internal Revenue Code.

The most time intensive part is doing the research and due diligence to pick a company with tons of experience and high success rate. 

So, expect intense competition and borderline irrational exuberance from other investors in Lancaster and anywhere else in the area.

Limited to zero appreciation, high tenant turnover, high repair costs, highly intensive management needed.

Those partnerships are sometimes more intense / complex than an actual romantic relationship and you really need to vet your partners prior to going in on a deal. 

STRs can be quite time-intensive due to their service-oriented nature.