@Ray Hage @Steve Milford I think this is a case where you just have to let the OP do this own thing for him to realize what he doesn't know.

If I'm missing something significant in the market, I'd like your help to better understand and I imagine the OP would too.

I recently got an op-ed published in the KC Star refuting all of the pathetic attempts to rationalize this increase.

.$20,000 Miscellaneous$174,000 Op Expenses$538,000 NOI 15.4%            CAP RATE at $3,500,000 investment  9.0%             CAP RATE at $6,000,000 Sales priceValue Add:$20,000 per year Freeway billboard if allowed.($15,000) Reduce Advertising as Occupancy gets to 90% and your in place for 4 years with a Vortex of customers.( $4,000) Put in Solar and get rid of Electric bill. 

I didn't realize how off until I wrote OP and read it back to myself.Thanks again!

I realize my largest properties (90+ units) actually take up the least amount of work while giving me the highest amount of cashflow and profit when I sell.But to reply to the OP as the best cashflow market in the country...as always the answer is "it depends".

OP which resonate and which don’t?

But, couldn't OP still take advantage of sec121 if he purchased personally and used HML to start? 

Did you mean to tag me instead of the OP?

Based on your OP that's what it sounds like it was.Good luck.