What is the recourse for the tenant who signed the lease under each individuals name?

Not trying to scare you, but a lot of lawsuits happen because the landlord doesn't follow fair housing laws, or simply neglects repairs etc.

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So I contacted the tax collectors office and was told there was a legal loophole and that since the building had been owned by a non-profit for part of the year it would receive tax exempt status for the full year.

If you are the nicest 4/2 out there in the market and all the rest have not been remodeled in say 15 years, and your property was remodeled a month ago then the price on your property will be easily justified at a higher price on the listing side. 

The absolute best way to avoid taxes is not earn income.  

Well, of course it depends on the individual circumstances, the amount of time comitted and the capital available.

I recommend selecting an investment city based on the following criteria.Key Criteria for Choosing an Investment CityRents Must Outpace InflationFinancial freedom depends on rental income growing faster than inflation.

If you get cat urine in the house, it can cost you 10x the pet fee to mitigate the odor.

You’re going to have to find a specialized function that can’t be farmed out to the Philippines in the $5-$10/hr range.