The property cash flows and I could definitely see each investor making at least $1000/mo with the most hands-off approach of renting to an operator and much more if a person ran it as STR or LTR and it is a great diversification play for me as Costa Rica should see much better appreciation than the Midwest, but if I were to cash out I could see five times the cash flow because of the power of leverage.But I think you hit the nail on the head in saying that it is a lifestyle type of investment.  

Since COVID, the demand for cash actually increased, so this is a recession resistant play.

To be fair, they sold me the home, so as long as it ends up in the rentable condition noted in the purchase agreement, I see no responsibility on their part to stick around for another 2-3 years.

I would send a letter to all units of the building reminding them of the clause in the lease you cited and let it play out from there.

Your property manager will play a key role in this team, helping you maximize occupancy, maintain the property, and ensure tenant satisfaction.

And in part, it depends on the investors and capital that you have access to (this tends to play a factor in many decisions when raising outside capital).If you do want to go the fund route, you might want to consider using Avestor. 

Role-playing.     . you paid $300k 10 years ago, it’s worth $660k, (so when you sell you net $600k to make math easy.)and your cpa determined that you owned zero land, so it’s all depreciatable. you owe 15% on the $300k gain plus 25% tax on $109k depreciation recapture, so you owe $70k in federal taxes, then California reaches out for another $30k?  

@Steve Crisp There are a lot of variables that go into play as to whether you could benefit from a cost segregation study or not.

Apply it fairly, but stick to it.

I believe this is fairly standard across the board.