Nonqualified Use.The gain exclusion from the sale of a principal residence ($500,000 for joint filers and $250,000 for single filers) is not available to taxpayers for periods of nonqualified use.

No you don't need it but get insurance (as if that is mutually exclusive).  

Without the experience, industry knowledge and expertise, you might find yourself frustrated by the property leasing process.

It’s clearly industrial

Petrillo I don't know of any accountant that specializes exclusively in real estate, here in RI or otherwise.

I am based in New England. 30,000 foot view of my model is  to identify underutilized/value add opportunities and raise capital on a deal-by-deal basis (multi-family, industrial and self-storage).

@Jasmine Russell to generate a reasonable amount of passive income, of which real estate is a major but not exclusive part, in order to have more control over my time.

It's in an industrial area.

I've been in the financial industry for over 9 years ranging from retail and community banking to commercial real estate and small business lending through the SBA.

I'd then use the property exclusively for renting, refinance, rinse, and repeat until I can retire.