Another thing to consider is that, at the end of the day, the employees making decisions on behalf of these companies are likely acting in a corporate role and reporting to shareholders.

I think you mean an REIT that is not listed on a stock exchange.If so, how many investors do you need to have as shareholders?

You surrender your passport, you can't own more than $500 worth of assets, can't be a company director or shareholder etc.etc.

They do not own Zillow, Zillow and its shareholders own Zillow....nor do they own Coldwell Banker, Realogy owns them.

My brother and I are 50/50 owners/shareholders/board of directors in a c-Corp which holds a 120 acre of an operating farm land in Illinois.The farm was my fathers in before he passed, he had his attorney and CPA move the property into a C Corp. where it has been for the past 10 years.My brother and I have decided to sell the property and have come into several issues that were never completed by the attorney and CPA.The first issue is the instructions were to put it into a C Corp. and then move it into an s Corp which we were both unaware of but the notes in the CPA and attorney‘s file reflect this.

You can use the Blumberg A-55 'New York Apartment Lease' these are standard forms that you can buy online or any stationary store (probably cheaper since they sell them loose)...I own two NY co-op rental and use it in both...another alternative if you work with an agent is using REBNY form which is very similar and would agent probably suggest with no charge to you.In addition I follow my old landlady (an RE Agent) practice of supplementing it with a rider (copied hers) in which I stress/modify/add term which are important for me (for example that tenant cannot Airbnb the apt).The co-op is a company which have their own interest which not necessarily align with yours...it just happen that sometime they allow you as a shareholder to sublet your unit.   

However, that will be taxed as ordinary income (high).Also discussed promissory note for the principal, then have investor be a small stake shareholder in the LLC.

Such approval may be given, for example, if the corporation has new shareholders or if the corporation never enjoyed the benefits of S status.

Do you think that banks just take these losses on the chin and give their shareholders smaller dividends?

The fundamental accounting equation is:Assets = liabilities - Shareholders EquitySo, it's both!