With our profit center being the monthly mgmt fee, I would not be able to afford the high level and educated staff that I have on these types of homes that can have frequent periods of $0 income because of tenant default and evictions.

From years 3 - 5, the general partner is looking for an attractive exit (sale) take the profits and reinvest into the next value add opportunity.  

Sounds like a house you either keep for a rental or flip for a big profit.

Climate change was also a major contributor to the severity of the Louisiana floods last summer. 

My major issue is that the contractor issue seems like a chicken and egg situation.

@Dominic Williams Like anything, location and condition effect the price but you can buy and sell almost anything for a profit if you buy it right

I have a condo with monthly HOA's and it eats into my profits, $300.  

Can you use the "profit" from one investment property to 1031 into multiple properties?  

Is this something you recommend I look further into, or is there a major obstacle here that I'm missing? 

You can't always make things fit so it is profitable.