Properties that require $250K are selling for near market values.

This is a fantastic opportunity for me to break into the exciting world of real estate investing, and I'm eager to learn everything I can.As part of the role, I'll be responsible for following real estate news and discussions, as well as identifying potential investment opportunities.

Sit down with them and ask them to educate you on the buy sell process and the market for your type of investment.  

Keeping the properties separate is mostly for the different depreciable lives and it wouldn't matter a whole lot when you eventually go to sell the property.

So the only options are to house hack or buy and sell- which isn't honestly the best idea right now. 

This combined with 1031 means I can sell and never pay the gains deferred in the 1031.- you or your spouse can qualify as RE professional and the limits the OP discussed do not apply- you can use the “STR loophole” (terrible name) to not have the limits the OP Discussed apply  - a derivative of the STR loophole that for lack of better name I will call the MTR loophole will let you provide amenities to not have the limit the OP discussed apply.I suspect there are many more.  

Here are the key points:Reasons to participate in the capital call:It may allow the property time to stabilize and potentially sell within 24 months at a better price, avoiding a significant loss of LP-invested equity if forced to sell now in an inopportune market1.The additional capital can cover costs like rate caps and allow renovations to resume, which could help increase revenue and better position the property1.The operating agreement likely outlines the terms of the capital call that LPs agreed to2.Reasons to be cautious about participating:Capital calls can indicate the investment is not as sound as originally thought and is potentially at risk2.There is uncertainty around whether the additional capital will be enough to turn things around, especially if interest rates remain high and the market stays challenging for longer than expected4.LPs need to carefully consider if they would invest in the deal now based on the current facts, rather than just trying to avoid a loss on their initial investment4.Other important points:LPs should review the operating agreement, seek professional advice from their attorney, and ask the general partners detailed questions about the capital call2.If an LP is unable to contribute to a mandatory capital call, they may be considered in default and only entitled to the return of their remaining capital account balance, with no further distributions5.In summary, whether an LP should participate in a capital call depends on their individual assessment of the risks versus potential upside after carefully reviewing the deal specifics and getting advice from professionals.

When a property is actually identified I would run the actual numbers for the rehab.

Also, be careful with exit strategy where the more rural areas may provide more cash flow, but may not appreicate and are gonna be tougher to sell in a down marketGino

Does this area warrant selling improved housing, who would be the buyer, and would the property appraise if the area is mostly unimproved housing?