Based on IRS Private Letter Rulings (PLR 200805012 and PLR 200901020), development rights can qualify as like-kind property for a 1031 exchange if they are considered interests in real estate under state law.

Also, the vacancy rate was understated.  

If someone stays at a property for 14 consecutive days or more, they could potentially be considered a tenant under state law, even if their stay is structured as short-term renewals.If the individual is classified as a tenant, landlord-tenant laws would apply, meaning you may need to follow formal eviction procedures to remove them.

This in itself is an understated benefit because its a real pain having to explain to a lender, prospective employer etc. why your name is in the docket. 

I do understant the team risk, market risk and deal risk in syndication as Scott in his podcast said.Thank you for your insightsSanjay I am not sure its "better", depending on the syndication it could be better, it could be worse.

i don't know if you've owned any before (feel free to chime in with more info) but the costs of entry get understated. 

In either case, since the husband and wife are joint owners of the LLC, tax information related to the LLC can be discussed with either spouse.Where spouses are the only owners of an unincorporated business entity and hold their interests as community property under state law, they may choose between partnership or DE status. 

If they are self employed and their income on their tax returns is understated because of deductions you can use data from bank statements.

STR has a lot more risk given the seasonality swings and I cannot understate the time involved in bookings and customer service.Having said that we DO have STRs here in St Augustine, Florida in prime areas in the $400s. 

Site cleaning is consistently understated in rehab construction budgets.