It’s taxed as ordinary income, plus ss/med self employment tax....not eligible for a 1031 or cap gains. 

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With putting 3.5% down with FHA, I'd say you'd want to probably cap your amount at around $750-800K because you also have to take into consideration your other closing costs.

House is a 1970's vintage that looks like it is stuck in the 1970s . . . and one feature we are trying to figure out what do do with is textured wallpaper. 

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Hospitable.com has a feature called "Stealth Mode." 

Looking for other regions in the country for a similar outcome: industrial or flex buildings, ideally one tenant, purchase price 1-2M, CAP 8+.

@Henry ClarkBy building that size of unit we essentially are eliminating many deals that essentially are “too small” for our investment group so we also make a significant income from selling to clients deals that just don’t meet our return on time requirements but still high cash on cash and high cap rates.