However, there is no way to do so without risk.The Internal Revenue Services issues three (3) Private Letter Rulings (PLRs) that allowed the taxpayers to do just this.

Its hard to reach the 1% rule here now. 

It seems like the tenant is being respectful, following the rules, and is not being a problem so I think that is what you would tell any other tenants who ask, as long as you have seen the card.

The FCC rules are here: https://www.fcc.gov/sites/defa... 

Is it not so much the fee for filing that makes it prohibitive but that the equity offered rules out the viability of being a GP in a registered security this way? 

Looking for something with low acquisition cost, and meets or exceeds the 1% rule.  

Consulting a tax professional or financial advisor familiar with these rules would be a wise step before making any decisions.

We consider looking for or offering products, properties, services, referrals, recommendations, or loans to be advertising according to our forum rules.

My advise is to look at property online and see if you can talk with an agent first to see what the rules are for that state.

Asking in the correct forum will get a better response.Read the RULES!