Looks like a solid deal depending on the execution of the rent increases & how easy/feasible that will be.

Instead focus on execution; make sure you understand the rents in the area compared to your building and raise accordingly.

@Matt Hietbrink Personally I would execute a 1031 exchange into something with more income potential.

Like many of these deal types these need to be executed on in a mater of hours.  

And as far as a bit of concrete and specific advice, again in his own words: "Some of the key foundations for your real estate journey I recommend include: getting a mentor, doing business with professionalism and integrity, focus more on execution than ideas, and place a high value on building quality relationships."

A title company will not engage the seller or buyer until an executed contract with Addenda has been received.So, help me help you: Why are you contacting title companies?

The Millionaire Real Estate Investor by Gary Keller Written by a very successful real estate agent, investor, and brokerage executive, this book walks an aspiring investor through the necessary mindset required to succeed in real estate investing.

My attorney disagrees with @Charlie MacPherson    and while there are certainly ways to violate the law, my attorney regularly closes wholesale transactions when properly executed.  

Additionally, I recently went to a Realtor-only panel held by my brokerage where we invited executives from out Metro Codes office to come and talk more about what's happening with STR's in the city as well as answer our questions and while there is a crackdown in residential neighborhoods/zoning, more and more developers are building projects with investors in mind (meaning full STR eligibility)!

It's helping me collect enough replacement value to execute the 1031.