I had originally thought I would rent for year and do a 1031 to avoid cap gains tax,  but I was told since I am a real estate professional ( I am a broker),  I would be exempt from cap gains.    

I would have to assume there is power and water (either municipal or well) in addition.

I'll reach out to connect you. looks like a great read Ill add it to my list

Your taxable gain (based on income) would be $68,500 at averaged (13%) = $8,905I'm not a CPA, but this is a rough understanding of your position - hoping someone destroys this breakdown. 

But I’m thinking in order to use passive losses from other entities (multi family, SFR’s, etc) I would also have to show material participation in those activities in addition to the REPS, is that accurate?  

Seller agreed to knock down an additional $10g off the asking price Lessons learned?

Will I be able to "capture" that depreciation to decrease my capital gains from the sale? 

By that I mean, In addition to buy and hold she would like to always at least be flipping one deal that makes sense.

We ran over schedule, went over budget , I paid additional carrying costs every month, and learned about significant issues later than I should have.

I agree with you that it would be best to have both the company on the lease in addition to the tenant, we're just having a difficult time figuring out how to do that because of the language on our lease- It just used the word "tenant", so we're not sure how to clarify one party is financially responsible, while the other party will actually be residing there (tenant)-