We've maintained our status as the "steady eddy" of real estate.

Crow....I would suggest: (1) asking some of the questions (from below), before showing them (anyone) what you know from below, and (2) ask your questions (and get replies) in written form (e-mails) 1) What is the current status of the S.

But I can control the price I buy at (equity capture at the buy), the financing terms (leveraging), long term appreciation, loan-pay down (very long term), tax deductions (not for me due to REP status and income limitations, but it's still there), monthly cashflow etc I think controlling the deal down to the details is where RE shines for the mom and pops like us.

As part of your due diligence under the sales contract you will require estoppel forms signed where they attest to the status of the rental agreement.

How big is the change in assessed value if the Prop 19 status was left? 

As others have mentioned, your income is above $150,000 which doesn't allow you the exception to deduct passive losses.Since you are unable to claim real estate professional status, the losses remain passive and ineligble to offset other forms of income.The good thing is that they get carried forward and eligible to be used in the future when you sell the property or have passive income.

., the Sub S is an election you can file with the IRS to give pass through status to a corporation or even an LLC. 

You may want to see if you can claim real estate professional status now or sometime in the future based on your participation within real estate of being a landlord in addition to being an agent.You may want to have your past couple of returns looked at for review to see if they were done correctly.

How does the demographic profile (age, income, health status) of potential residents in NJ/NY influence the demand for assisted living services?

I do not know if this is realistic or farfetched.Thank youRealistic returns for next five years: Zero.May I ask what you do or did that gave you financial freedom enough to have accredited investor status?