I prefer the entrepreneurial mindset & ability to have more stringent contracts/security that you can get with virtual. 

I know if you’re in the city of Walnut Creek it’s a bit more stringent than unincorporated, but we haven’t pulled the trigger.

Quantitative is forming an opinion based on measurable data, while quantitative would be more subjective basing it on more general observation or opinions.

How does the IRS define the boundaries of material participation and how stringent are they in enforcing these rules?

The loan is currently in both of our names, and it seems TX may be a bit more stringent with exercising the due on sale clause than other states.  

Nothing wrong with this approach but what you want is a measurable, predictable number of potential deals flowing your way so I wouldn't recommend relying solely on the passive deal search.You may have access to information to help you prospect for these deals on your own.

The former coming with a huge array of other issues and the latter being exactly why you don't focus on a spreadsheet for this.What happens when rent goes down and your PITI was measured against it?

Except in cases of things like a 1031 exchange, your capital gain is measured on the sale price in excess of the properties basis.

We manage about 350 units of multi-family apartments in Norfolk, VA and are constantly measuring data/market trends as it relates to leasing, PM churn, and growth in the area. 

Try this device to measure the noise: https://www.amazon.com/Indicator-30-130dBA-Detector-Temperat...You can also stick the same device by windows and doors to see if temperature drop - which would indicate an insulation issue.In addition to getting an Energy Audit, you may also want to look into any state, local or utility programs that offer discounted or financed energy improvement programs.