Paint, flooring, roofs and normal deferred maintenance.  

@Krishan Khalsa Make certain that your rehab provides value and not just mainly doing deferred maintenance items so that you can create value/equity when the rehab is completed. 

The properties are worth about $220K, Purchase price was about $145K and of course deferred depreciation for about 7 years so total gain maybe in the range of $160K+. 1031 is not an option for me at this time.

Is the landlord prompt about making repairs, or is there a bunch of deferred maintenance?

You’ve presented a straight forward question without providing any figures.

Looking at what other models might exist that present new benefits.

Also, only cap gain can be deferred, not ordinary flip income.there are 10s other requirements needed to properly establish and operate the OZ fund.  

None of the factors that you've mentioned are present in the area, and therefore are not affecting any kind of market shifts.The City of Naples, as well as Collier County, both have ordinances preventing short term rentals at all times of the year.

I just presented at a meetup yesterday and we talked about this.

QOF investment to defer the 1250 gain, etc.I don't understand the desire to leave your accountant out of the loop and calculate this on your own...