501c3 investing idea

[Josh Myrick]

I need assistant or advise on the feasibility of one of my crazy ideas. Or what seems crazy to me.

Is it legal to create a 501c3 organization to buy investment properties and rent them out at fair market value?

Essentially, people could donate money and get tax deductions and then that money could be pooled to buy property, fix it, rent it and pay a manager.

I’m assuming it would be similar to a self invested Ira. That all revenue generated would have to stay in the company and couldn’t be used for personal things.

I’m trying to find a way to use my God given talents and the only one I seem to have is in Real Estate hahaha. I’m not amazing at it but not bad at it either and would like to find ways to give back.

A read some articles that some rents may still be taxable which is fine. All money would stay in the company for repairs, management, buying new properties, and paying taxes if necessary. The main purpose would be to pool money to purchase properties and rent at fair market value. Then essentially repeat the process.

My original thought was a 501c3 that could use donations to help first responders buy their first home. Like down payment assistance.

Would love some advice if anyone has any experience in this.