One or two gurus spend on average of a documented $100,000 a month in employee costs, taxes, office space, marketing and bonuses.

The taxes and insurance sound like where we are in St Augustine and NY. 

This allows you to use all of the tax and deferred depreciation recapture to purchase the larger MF propertyA consolidation exchange is where you sell multiple investment properties to purchase a larger and nicer investment property, but you also get the benefit of using all of the tax you would have had to pay to your advantage.

Since the trust is a disregarded entity, the benefit is bypassing  probate, not tax issues or liability concerns. 

Many owners expect their PMC to spend unreasonable amounts of time chasing bids and be liable for all of the above issues when something goes wrong.We hope owners find this post helpful and others can add their expertise to it!

I understand I wouldn't get the benefit of tax deductions, but what else am I missing that makes this a good deal? 

In North Jersey, buying is difficult from my beginner perspective with high prices, property tax, etc.Barrier to entry feels high in my area.

It is a tax write off.

At least now your tax basis is $220k ;-)  What was the extent of the repairs?

Who covers the tax bill when they don't pay the tax bill or the insurance?