The goal initially is to lower our taxes, so looking for a short term rental and to write off depreciation.  

My initial assumption is that a direct investment into the LP would not qualify as like-kind property for 1031 purposes.He also raised the idea of completing a 1031 exchange into another property and then contributing that property into the fund.

I had my initial call with them today, sent in my tax return from last year for a complimentary review/quote, and waiting to hear back.

I saw this in email and my initial thought was how often do you wash them!!!  

Columbus City Council - Housing Initiatives

Seeking expert help for the initial lease is very advisable. 

Note also with this being a development value add, the initial capital outlay will be long before the income is realizedI am not as adverse to cash flow negative as many on this site, but that is a lot of work for very little added value and negative cash flow.  

Obviously the initial purchase and the loan for the property qualify. 

The 1% rule is what I use for the initial evaluation on the property.  

Good for you on taking the initiative to creatively solve for higher cash-flow.Here is my experience in borrowing from private lenders and banks for duplex building:- Banks: Prime plus 1 is fairly standard but they want experience.