As an investor in a market where cash flow does not come often and appreciation is a bigger play, I understand your mindset. 

There’s demand for rentals in the area, and multi-family properties tend to hold value even in market shifts.New Construction: With SWFL growing fast, new construction is a big play, especially if you can tap into neighborhoods where demand is rising but inventory is still limited.

Is this ultimately a land play? 

The theory is spot on, in practice however that logic rarely plays out - at least in recent years where multifamily has been crazy.

It's a forced equity and appreciation play with the benefit of personal use and the hope that 100% bonus depreciation comes back.

I very much have a long term play and "don't care" about the cash flow immediately, but obviously I don't want them to negative. 

Real Estate is a long term play. 6.

Oregon saw it that way as well.. many folks got cease and desist using guru on line training techniques this just formalizes the activity and levels the playing field and gives both buyers and sellers a mechanism to get out of deals and or have a regulator step in..

A and B neighborhoods typically don’t produce much cash flow and are more of an appreciation play—something the city has been seeing quite a bit of over the past decade.

I can't buy fuel with looser scratch off's.