So spending the additional money to convert a property in my area is never worth it.I mention this, because if you goal is higher returns on your investment, I would make sure the financials actually align before you even begin to get to the technical components.

Have you defined any of the nuances to your strategy of a long term rental?

Are the benefits worth the risk.Additionally, everyone will define exactly what OPM is differently.  

With a small number of properties cash-flow is VERY inconsistent, especially depending on how you define it. 

This is not a "real estate rental income" activity as defined by the IRS, so whether you are a REP or not, you can take this benefit.All of this is separate from a QOZ Investment, which would require you to first recognize a capital gain from another source (say a stock sale), invest that gain, hold it in a Corporate or Partnership structure (likely partnership), meeting the substantial improvement qualifications of being a QOZB, and then yes, you get to avoid the depreciation recapture at the end of the 10 year hold period, at least for the portion of your investment attributable to the original gain that you invested in the project. 

Location is one of the key components of owning real estate and given your location the trash may just be something you have to deal with.

Fortunately they don't have to--for people who purchase the book directly from BP here, they get free bonus content and one component of that is a list of 72 questions to ask a sponsor.Someone will read this and think I'm just trying to sell books--not the case. 

Your labor cost needs to be defined in your lease and can't be more than a reasonable contractor bill.

@Michael Ludwig Others have defined it perfectly but I’ll use an example based on your St Cloud location for the 1% rule.

My take is that it is a business with a real estate component.