The THING they seem to not be taking into account is that the sponsor is responsible for one half of any losses.  

You want an accountant who can help you strategize and who is responsive when you want to know the consequences of the financial decisions you are making throughout the year.Good luck.

Utilizing a wrap he has a mortgage note as an asset to offset the mortgage he’s still responsible for on the property.  

Almost all mortgage loans these days have Due on Sale clauses, so it comes down to A) whether they find out (usually from changes in the insurance policy), and B) whether they choose to call the loan.Thanks so much for the in depth response.  

In hindsight, they gave loans to people who were terrible tenants, who weren't going to change just because they now owned a house.In response to the Great Recession, higher lending criteria was forced on the industry by the government.

Thanks @Kerry Baird for quick response.

Thank you for the response @Bill B.! 

If there are any helpful answers, I believe such responses would also be valuable to others in my position.Thank You! 

You want an accountant who can help you strategize and who is responsive when you want to know the consequences of the financial decisions you are making throughout the year.Good luck.

@Andrey Y.I agree with your assessment.After four decades of investing in SFR rental properties and doing very well with them, I want less day to day management responsibility and more free time.