Only 30% occupancy after two years.

My two cents.

Year two and three will be where some money is starting to be made, and after that you will have built some real equity and cash flow. 

The two main downsides are finding syndicators and deals to invest with, and the high minimum investment - $50-100K if you invest by yourself.

I do have two different people who are local that have given me their opinion of the area.

Next year my parents plan to sell two of their rental condos and exchange for a single family home that they will rent out to me.

It was my understanding he would have submitted permits but two months after the close date he put that responsibility to the contractor who "missed the email" and it was not caught until February even though the consultant repeatedly asked for permits. 

Two important considerations are if it's a cash deal and if your intent is to rent or resell.

Just my two cents as I have considered it as well. 

To get the tax benefits of a live in flip you would have to live there for two years.