So I guess it's a BRRR without the repair component. 

Or is there always a battery component to it? 

If you report as a Schedule C, it won't hurt you, if you are a corp it will hurt you because it gets deducted before you get to your bottom line which goes to you via a K-1.To quickly address the 401k component, if you're reporting as a corp, the employer portion of the contribution will hurt you and the employee portion will not hurt you since it is on your paycheck stub.Not sure exactly how it would work if you have a 401k AND you report on a Schedule C.Of course, I would talk to your CPA about this further.

Cash flow is only one component. 

However, I was hoping to get more applicable thoughts from you locals.I will admit, though the units I have identified do cash flow enough for my needs, I am concerned about the appreciation component of condo's in that area.

I am now under contract to purchase a triplex using my VA loan with a tehab component, where will will live in a great home in one of the most desirable neighborhoods around, while renting out the two units in back. 

What is the current condition of the property's structural components?

I note that you asked specifically about “cash-flows”, which has multiple components each treated differently for tax purposes.In general, you can start with NOI, next you have debt service and cap ex, which can get you to cash-flows.The interest portion of your debt service is tax deductible (possible subject to limitations) and the principal portion is not because you get basis in the asset for the loan principal, which generates a depreciation deduction.Similarly, cap ex is generally not deductible currently but the expenditure is capitalized and depreciated, similar to the initial basis in the asset.In summary, you have cash and non-cash tax items that cause your taxable income to differ from your cash-flows and taxable income * tax rate determines your tax liability.

What we had to do was to look for deals that were not your plain jane deals. 110 units has a HOA component of 38 condos, big institutions don't like and Agency debt is not an option.

The rule is that your purchase price should be allocated between land and building in the same ratio as the value of each component bears to the value of the property as a whole.So let's say the property is worth $100,000 with $60,000 of the value attributable to land and $40,000 attributable to building (you can use any reasonable method to determine this; one easy way used by many is the assessor's split, though there are other methods that could yield a better answer for you).You buy the property  at a huge discount for $10,000