I'd underwrite the deal as any other - make sure you are conformable with the quality & tenant base. 

@Jaycee Greene I am looking to buy a primary residence while I am based there, then turn it into a rental once I PCS again two years later.

We have perfect setting for private partnerships. 

However, based on your timeline, it seems like your decision may have already been made.

We're National - I'm based in California.   

When you design with that in mind—an outdoor dining table on the deck to enjoy stunning views over dinner, a decked-out game room for in-house entertainment since they’ll be tucked away in the mountains, cozy nooks for reading or morning coffee, and a fire pit for late-night conversations under the stars—it enhances that experience and makes your property stand out.At the end of the day, people book based on how a space makes them feel, not just because it has a bed.

That way you have a home base that isn't sitting vacant and you are producing income. 

Let’s say you have 12 lots and if everything went perfect in the exchange you would recognize your $30,000 profit per lot across the board.  

Always had to jump through hoops but always had it based on the property / asset

My capital continues to be completely tied up in the property since I'm pretty maxed on my LTV and likely can't unlock any more equity with a HELOC or something like that.The goal of this project was always meant to be a short term exit so I could continue to try and aggressively grow my real estate portfolio, but now it feels like I'm stuck at first based.