Taxes will play such a small role in your two different scenarios that they should be a minor factor to consider.When asking about taxes, better questions would be:1) What asset class yields the best tax advantages?

From there, you can determine what components are priority, and how much of a factor location will/should play into that.

Also, before working with fiberglass coat exposed skin with baby powder it helps avoid fiberglass sticking to you.

My interest stems from different factors; I'll try to expound, and I apologize that it may be a bit verbose (this is where you can be happy to NOT be in my head ;-). 

When you run your numbers, make sure to factor broken windshields on your ball collection tractors.

Like you said, mortgage rates are between 3.5-4.75% for residential loans on 30 year mortgages, when you then factor in an expected average inflation rate of about 2% and the fact that you can deduct interest that's practically free money.

The only problem with an app is that construction cost vary so much based on different factors.

I suspect that other factors in your financial profile will play into the answer.  

Furthermore, we don't feel comfortable accepting liability after one of the partners told us they would not be properly capping off exposed live electrical wires in the wall even though we advised them it is a hazard and you cannot just "plaster over it" as he said he would do.

Some local investors tell me no less than 8% vacancy factor and cap ex depends on current conditions of the property and what will need to be done within the next 3 years, could be 10% of gross rents.