As a nurse investor, I can weigh in on some of the business details: I am from CA so some of the info maybe different however you need to calculate in the cost of a licensed facility administrator, and staff either licensed or unlicensed per staff to resident ratios.

I am currently studying business administration at Pacific Lutheran University in Parkland, Washington.

One guy told me they talked to City administration and developer incharge recently and City is encouraging huge apartments build out while working on problems caused by the bad leadership over past decade.Just sharing the info I got over past 2 days.

The entity effectively incurs much additional costs (mainly the financing) with additional administrative burdens to maintain the corporate veil. 

I should add, I have previously worked in real estate ( license is expired, but I would be willing to renew for the right opportunity) I have a Master's degree in Administration, and a Bachelor's in Business Finance...

For example one of my partner has more down time at work and he does all the administrative roles but I am good at identifying good opportunities and deals so I focus on that. 

The Biden Administration has proposed limiting Section 1031 exchange deferral to a maximum of $500,000 (single taxpayer) / $1 million (married taxpayers)

(insert stare down and dancing Obama saying "bazinga") 

That would be double dipping.I think the bigger concern would be the management company's lack of transparency in breaking down the revenue/expenses, and whether that means they are possibly rent shifting (offering lower nightly rates that they rev split with you and shifting the cost into various administrative fees that they keep 100% of).IE instead of$500nt x 4 nights = $2000, they take 16% of $2000 so you get $1680They might be doing something like (and this is typical of PM companies trying to squeeze out an extra buck)...$400nt x 4 nights = $1600+$400 in "administrative fees" = $2000.You get 84% of $1600 = $1344Same rent cost for the customer but now they are only paying you 84% on $1600 instead of $2000, and then pocketing the entire $400 "administrative fee".

And here comes the new Administration cutting off Oil Pipelines and causing the price of Energy to Double, running up the Prices of everything in the US, just after a Pandemic.