As you mentioned, JV may be a good option as there are people with that kind of money who don't have the time to go fishing for the deal.

Oil base Kilz, Scrub everything down with TSP first and cover everything with the Kilz including the  concrete.

If I were to buy now I personally would buy in Odessa, TX and see if I can get a contract with one of those oil companies for corporate renters.

Generally speaking the IRS targets high income taxpayers as the big fish offer the highest potential "ROI" for the IRS auditors' time.The question to you, respectfully, is "does it matter"?

Although I'm not speaking from experience (I was in oil and gas in 2008), if your leverage had been in apartment complexes would you have had as many problems getting tenants to pay?

I know this is a lot to ask but I can assure everyone I'm still a small fish.

We had 900 point decline in Feb and we are still standing.HOWEVER, clouds are on the horizona) International markets have been routed - from 50% down in Asia and Russia to 15% down in Europeb) Interest rates are climbing, 30 year mortgage hit -- shock, horror -- 5% againc) Real estate markets in some regions are showing seasonal cooling downd) Tariff warse) Oil prices risingf) Employers cannot find employeesThe next 12 months should be interesting ....When the credit markets sneeze, the real estate market will catch a cold ....

Suggest you go to a landlord bootcamp the local landlord groups put on (i learned so much , very much worth the $100 ) and read this. https://www.osbar.org/public/legalinfo/tenant.html  Also fwiw I have been called several times by, I assume,  HUD or folks fishing for landlords to file complaints against , so highly suggest becoming very familiar with tenant/land laws

Texas is very business friendly state and now diversified with so many industries... even oil crash did not impact in last few years.I am surprised to see Brooklyn and Boston in this list...

Fayetteville held up reasonably well except for the areas that a prone to flooding like the area around some Rock Fish Creek.