With this, you can sell your property and obtain 93.5% of the net sales proceeds in cash at closing, and the capital gains tax is deferred for 30 years.

This could force your family to sell the property to pay taxes.

I'm looking for something I can digitally send and can be digitally filled out and returned to me.

If you plan to rent to digital nomads and other traveling workers the strategy could work well just make sure you’re monitoring competing demand to find ways to stand out on Furnished Finder, Airbnb, and other sites 

The only reason I see not to take the lower rate is a plan to sell or refinance within 3 years or less.

As for pros/cons of keeping it:Cons: 1) Poor cash flow to value, 2) Managing from afar has extra difficulties/risk, 3) No cap gains if you sell nowPros: APPRECIATION: San Diego historically has produced outstanding return for long term buy and hold.  

For example, in my business we sell rehabbed properties in the midwest in good B and C class areas, with a tenant in place, and a very streamlined process.

Kids decide they don't want to continue renting it out and sell it and current market value is $3 million.

What I have found is if I sell my assets on the island, I could probably 10x my assets in the states, by not putting so much effort down on the island.

The property is currently under an FHA loan locked in at 2.5%, which means I am unable to sell or refinance at this time.