I would rather lose 100 bucks a month in a solid area, than risk making 200 bucks a month out of state, class C-D, or in an area I don't fully understand. best of luck

I don't understand your point? 

Would have to view the property and understand the inherent tenant businesses. 

After talking to my guests and understanding their needs, I shifted my approach.

It's just a pass-through entity so the income would flow on to your personal and you would pay taxes based the tax bracket you fall in for you personal income (from my understanding).

I understand that some in this field may withhold information, but I truly value your perspective, it’s both valid and rational.

I understand that they operate in real estate under one of a few exemptions from registering as a security with the SEC.

If you have ever learned something important by trial and error, then you can probably understand the frustration that you feel when you make a "rookie mistake" or a simple error that creates a big negative result.

For example it is my understanding that Big Bear allows it but whoever is managing the property has to live within 1 hour of the property. 

Real friends and family will understand this.