It's very cheap and not difficult to maintain bond/license/insurance.

@Gustavo Delgado I've looked at stocks, bonds, REITS, limited partnerships, and syndications, and have invested in all of them.

Mortar, paint & bonding materials deteriorate leaving cracks, gaps, etc. which can be concerning to look at, but this is very often addressed with repointing.

When you can get a similar if not better return on municipal bonds, after tax, it’s a problem.  

With more focus on the inflation of the money supply, investors are allocating less to Treasuries, pushing bond prices down and yields up since they move inversely.Mortgage rates which are closely tied to the 10-year Treasury yield, are rising as those yields climb.

It seems like a win-win: tenants benefit financially, and landlords strengthen tenant relationships while making their properties more appealing. 

So I say, I say “Wait a minute… How come REI supports income streams so much better than Stock / Bond portfolios if it has the same return as stocks?”

@Bo Bond- That's great info. 

Additionally, transitioning certain activities, such as maintenance and repairs, to be conducted directly through the business entity could strengthen your position for claiming deductions.

For people that want to close and make it pretty/official/permitted/etc once they are owners, the question is "what is the cheapest way we can get this to pass an appraisal without the appraiser calling for a licensed/bonded/professional/whatever to fix things prior to closing?"