So it really limits your flexibility.

Please make sure your losses are not limited under PALs.This post does not create a CPA-Client relationship.

Use a 1031 exchange to defer taxes and reinvest in more lucrative, cash flow-positive properties or diversify into passive investments like syndications.Pay Down Debt: With limited cash flow, focus on paying off the HELOC or smaller mortgages.

It can also be very expensive and the limits are usually low.  

When there's tenants already occupying the property, there's often times different leases that were signed among the tenants.Additionally, renting by room usually sees higher tenant turnover which in turn causes more work for the PM.Other challenges to consider:- Disputes/conflicts among tenants (different personalities if a tenant doesn't know the others prior)- Occupancy limits- Splitting utilities (what if someone uses more water?)

Also, what benefit would you actually be able to contribute with your limited knowledge?

The best bet is to talk to a small local bank (or three) about your options.

Your best bet is to invest in growing areas that are landlord friendly and where you can either connect with or build a good team yourself- realtor, property managment, contractors, etc. 

Dear all, I have the opportunity to invest in a property (a retreat hotel not far from me) as a limited partner.

The best bet is to ask a local landlord attorney what is and isn't allowed in your area.