Comps, NOI, and IRR will help you understand the value.

Am I understanding this right? 

Pictures or more detail so we can better understand.

Sure, there are rules and whatnot, but that's the gist.So... if are involved with the business from a day to day perspective, and if you have a profit motive, then this is no different than selling used copiers or being a consultant.Speak to a qualified tax pro to help understand the rules so you know how to position your facts.

Most buyer's are not competent enough to understand a true hazard when they see one. 

The correct answer depends on your interpretation of the question.It might be easier to understand the book answer if the question was phrased a little differently, rather than “What is your expected value for this investment?"

I understand the market in Miami is too expesive and hard to find good deals, so I am willing to go further north to get cheaper properties.

Rent prices aren't skyrocketing like '21-22, but there's limited vacancy, solid prices.

Do your research, for sure, find a solid real estate agent that knows the ins and outs of what you want to do, run some numbers ... but then make a decision.

Could someone help me understand what this means for me?