I am expecting a day of reckoning for this model in the coming years when an LP decides to file a lawsuit based on misrepresentation which traces back to the teaching techniques of the coach/mentors who are essentially offering pay for Co-GP title courses where the students are taught they can use their GP title to raise money.

Additionally you can do a cost segregation study and get a lot of depreciation benefits to offset the rental income (and potentially other income).  

The decision to do a cost seg generally comes down to whether or not you can actually benefit currently from the additional depreciation.

I've lived in other states throughout the country and each has its pros and cons but NJ does offer a lot and is a great place to live. 

Slightly increased the offer to quickly go under contract, but still had inspections and everything done before completing the deal.

If there is any advice you have to offer,  I'm all ears.

Over the past decade, I’ve built and managed purpose-driven homes in CA that serve communities while generating stable, long-term cash flow.In addition to running care homes, I also consult with aspiring care home owners across multiple states, including Texas, Arizona, and Michigan (Detroit area).

THEY ARE NOT LIMITED TO ONE PROPERTY.So, they can 1031 to 2 or more additional properties OR 1031 into a rental property plus a DST so that all the profits are used up in the exchange. 

Quote from @Jeff Calcaterra: We have a potential tenant new to the area who has gone through a paid background check, signed a background check authorization form, sent us a LinkedIn profile, sent an offer letter and says he is willing to send us paycheck stubs, but says he doesn't want us to call HR to verify employment because he is supposed to have found housing already.

If you’re comfortable with a bigger investment, a duplex is good for the benefit of additional cash flow and you could house-hack.