I would pay I/O for 5 yrs, and then ri-fi but you HAVE to hit your pro-forma to execute this plan. 

I’m being a bit uncharitable here, but they backed off of their original plan, stayed silent for two months, and then quietly passed a regulation stating four or more unrelated occupants can’t live together.

Looks to me there isn't a lot of room for creativity in SLC based on my understanding of Zoning and Planning. 

I have a similar situation where a Canadian investor friend and myself (a US citizen) are planning to partner up in Florida to flip properties.

I plan for a time when they can be there and check in and make sure there aren't any maintenance items they haven't told me about.

Business plan being executed as anticipated and head of schedule.  

So your business plan, who's entire value proposition is price, WILL FAIL.

Quote from @Jake Baker: I recently purchased a property in Jacksonville, FL, and plan to execute a BRRRR strategy with a coliving model (renting by the room).

When are you planning to take the test?

You want an accountant who can help you strategize and who is responsive when you want to know the consequences of the financial decisions you are making throughout the year.There are over 20 real estate accountants on this site.