However, he (you) should keep it "clean" and not also use it for personal reasons.

or do you have personal experience with any ? 

I do recommend a cap and you can also have thermostats with upper and lower limits so one person can't set it to 80,  put those limits in the lease. 

Talk with your tax person or a 1031 Intermediary.  1031 must be land to land. 

But there’s an Encumbrances that was posted by TD Bank, by my research was either personal loan or business loan default.

I am located in Jax Florida and use my realtor license for personal deals and occasionally help others. 

Brent Mott is probably the only accesible and genuine person in their team, he will listen to you and will not turn around and leave you hanging in the middle of a conversation like most of the others do. 

But it comes down to if you want to personally get down and dirty to learn the work or if you want to delegate to a third party. 

This encompasses eleven authorized activities within the real estate sector, including development, construction, leasing, and brokerage.750 Hours Test: In addition to meeting the 50% test, individuals seeking Real Estate Professional Status (REPS) must surpass 750 personal service hours materially engaged in one of the specified real property trades or businesses.Understanding Material Participation:Material Participation: Only hours deemed material to the operation of a real estate business are counted towards qualification.

Personally, if you have to wait 3 months anyways, it seems like a good idea to take on a project that takes 3 months to maximize returns.