@Eric Andersen definitely put weight into what @Michael Baum wrote and do your own research on the city regulation/zoning.

When evaluating potential properties, consider three exit strategies: if you can sell quickly for a profit, hold it as a rental, or take a loss.

Two main reasons being: (1) debt does not increase your basis in an S Corp, which means your losses get limited.

Accepting the s8 with later move-in then other applicants would result in the loss of rental income.  

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

I was unfortunately caught up in this scam and I hope that I can help others avoid the loss of money and the unfortunately situation that I was in.I lost $5,000.  

A person can make "big returns" in any/every strategy in existence, as well as making "big losses" and everywhere in between. 

The only question is if the increased risk of loss is worth the extra return. 

You should fire them right away and talk to an attorney to prevent the loss, but I wouldn't expect much and it could be a waste since a company that does this will not have the money to do anything.When you have just one unit and you are looking for PM companies, your options are the bottom of the barrel because it's not a good use of the big one's time.

Hi Rachel, first off, sorry for your loss, but it’s great you’re exploring ways to build passive income.