However, this hasn't exactly kept STR investors from thriving there without any apparent threat by city government.

Take a look at the prospectus and the share classes for more information.2) What that means is that after the fund makes a certain amount (called the preferred return, which I think is something like 6%, but you can check exactly) then Breit takes a split of the profits.

That was pretty much exactly what I was imagining happening though, to be honest.

However, the building is relatively good condition (constructed in 1983) and could attract local airport workers that don't want to commute.

I don't know the exact price for the house and lot but if the lot would be $200K then my guess is that the house and lot would absorb the entire 1031. 

When I did LOs 'back in the day', about 8 years ago, when the laws changed, I talked to my attorney about exactly that.

I'm not sure how exactly how to start, any advise on what could I do to start looking at properties?

As long as you pre-screen tenants well, most of the time there's not a lot of time involved unless you own a property in bad condition or get the wrong tenants. 

I have read that having two FHA loans at the same time is prohibited except for the following reasons:Multiple FHA loansIf you currently have an FHA loan and want another loan at the same time, the second mortgage can only be granted under certain conditions.

Exactly what @Mark Hoover said...... how many horrible tenantts get virtually "evicted" but it never goes far enough to actually have a legal recorded eviction.