I saw this as a way to avoid a potential month loss rent due to tenant vacancy.

In southern Florida I fund and profit / loss is 50/50.

Is it provided by PreREO and who is the loss payee?

It will be a lot of hard work for little to no pay (or loss) until you hit a point that will be long and hard. 

I’ve been in contact with the Better Business Bureau about them  cut your losses and go the other way. 

With enough knowledge you can make a educated decision on which approach you take.My experience:I personally don't sign up for any program who take you aside during events and try to sell packages that is just blatant sales strategy.Once you sign up there is every attempt to make you sign for their programs for bookkeeping, registered agent, LLC or corp setup fee which have ridiculous even with platinum membership.Basic standard structure they suggest to take advantage of multiple deductions can be easily achieved by proper education or work with a good firm like https://wcginc.com  who is local to you.A umbrella C-crop to manage all other LLC properties and take advantage of many tax deductions that are not available with a llc, its also used to take losses up to 100K as startup expenses and dissolve the entity after few years.Few LLC entities for investing in Real Estate, etc preferably in Wyoming or Nevada ( you can find many companies online who can do this for $150 compared to anderson $1500-$3000) , they will claim they have a secret Operating agreement which is bogus.They certainly try to take advantage of tax loopholes and claim to be smart people, my view they are just taking advantage of numbers as per their own statements.

Finding the correct contact info is hard enough, but if your pitch is that they should sell cheap now, you're misreading the market.Multifamily properties are worth significantly less now than they were just a few years ago, and asking for a further discount due to property condition would probably result in a loss, maybe not even pay off the debt.

And how about the loss of tax revenues during that entire time......

I also had a passive loss for the rental property in 2017.

(My fiancé with an architect with a refreshing vision) What made you interested in investing in this type of deal?