were I don't think you can do that in a corp.you trade the SEI tax for the event if you have a crummy year.. you can go back and get whatever tax's you paid back to offset that years loss's I know for me personally when the world came to a near end in 08 to 2010 and we had to take back loans that we lost on and sell props to pay banks at major loss's I was able for 3 years to claw back to 04 and get almost all the tax money I paid in the way of refunds and it was substantial low 6 figure refunds annually for 3 years.. helped me ride out a crappy economy.  

some people you will haul around still mainly in rural settings were finding the property without the agent may not be possible  or locked gates that kind of thing.but riding in the car gave you time to build reporte' with buyers as well.

I'm interested in the 25% down from the private lender and how long you will ride that.

It's hard to know just getting started if we are being taken for a ride or if this is just how the process works?

The private lender was a family member and willing to just let it sit and ride.  

I want to convert it over into a conventional to get ride of not only the PMI, but to then use those funds to later put into another rental property. 

Ride out the lease, give them their notice and cut them loose.  

Don't miss the BiggerPockets podcast while you're riding to school :)

My question is would you offer cash for keys up front,  or ride it out and see what happens? 

If you are going to use the cash-back to trade-in your ride, it is definitely not a good thing.