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

There are actually several aspects to investing, so it depends on which aspect you mean.

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. 

I am not familiar with Philly or the technical questions you pose.I am thinking of this from a purely investment aspect.  

But, if you're planning on staying in it for a few years I wouldn't worry about the cash flow aspect as much at this point.

In the real estate industry, brand awarenessand lead generation serve different but complementary purposes, each targeting distinct aspects of business growth.

The vast majority of states also leverage figures on a federal return as a starting point to define taxable income, making adjustments to those figures to arrive at the portions of income that are taxable for state tax purposes. 

Part of the job of a PMC is to own every aspect of property management and to see things through.

Has anyone else gone through this exercise and can shed some light on the positive and negative aspects of the different approaches?