As is rents are still in the high 2000's but with a few upgrades my clients will be raising rents substantially.   

Therefore, I sold those assets and bought properties in the South Bronx, where I could self manage and knew the appreciation would be substantial. 

It appears you will be buying the property at a substantial discount due to its condition and the appraisal should reflect that discounted value. 

Expect substantial capital expenses and repairs until you get caught up on all the deferred maintenance.That took forever, next time my response is going to be.

But if there was a police report and substantial damage, I'd say your PM should have informed you of that.

@Travers Xanthos The Code states that the “original use” of the property must commence with the qualified opportunity fund, or the qualified opportunity fund must substantially improve the property.

I met with my insurance agent the other day, and he reminded me that since the value of each of my properties has risen substantially the past few years, my coverage for substantial property damage is insufficient, and I need to adjust my coverage on my rentals.

Their mechanisms for doing so will substantially upset not only LL's abilities to afford their investments, but also for tenants to find suitable housing in diverse areas, or to even be able to reside in their current housing.

The offerings often have a minimum amount that for people who have a lower net worth would mean a substantial part of their investment/savings would be in a single investment that they may not understand well enough.

And the realization that you have to build at least 5-10 houeses a year to get good at it and have systems and a workflow.Beeing a builder is hard work, a huge amount of work, relativley small profits, comes substantial liabilities and you always live between not enough and too much - either not enough projects or not enough labor or too much of either.Bottom line: it really shows you how awesome of a buisness model REI is!