For existing companies, individuals who own at least 25% of the entity or exercise substantial control over it must submit BOIR to the Financial Crimes Enforcement Network (FinCEN) by December 31, 2024.

I need to investigate more about how to control a LLC or trust like you mentioned.

2) How often do you do pest control treatments?

., constructive receipt doctrine, effective control over nominal 3rd party relationships, lack of genuine risk bearing and compliance with transactional terms, etc.).

If the answer to both added questions would be "yes", then you have a potential goldmine here.Combining the seller's concerns, and the reality of a big down payment being a negative to the seller (see Q: 1), you should be able to set the terms, with a lower DP, and controlled interest rate, to have this property CF and,...be able to sell the package to another REI down the road,...as long as you buy this using an LLC (a new one). 

Even worse, the investor has no control.

Spending more than 500 hours in the businessor 2.

Some REITs that invest in them do really well.Certainly, invest in what you know, or are willing to spend the time, effort, and money to learn well. 

You may not occupy your apartment without electric service except during brief interruptions beyond your control.

These are areas GPs can control and I guess choosing not to.