Basically, your paying of your property own it free in clear but never been able to spend a dollar in 7 years (hope I don't get run over by a bus on year 7).

@Manolo As I mentioned before an LLC filing as a partnership cannot own an S-Corp.As far as your other comments - rules and traps are in place to avoid abuse.

Wells dry up and septic can have any number of things like tenant abuse to act of nature I suppose cause and effect.Spoke to someone in the area that said $200 every 2-4 years for septic clean out and $100 for well check up.

The cost to maintain is insane due to the abuse they receive from the low class tenant base.

Your real estate license might make you more attractive than those without one, you could probably find one near a bus stop so you'd have set hours and transportation fixed until you could save up for a car, and as a bonus, you'd learn all kinds of things about screening tenants and problems managing property on someone else's dime.

It's bat sh*t crazy to build a business that would have to shut down if one of your employees quit on you, got hit by a bus, died, etc.... 

I would like to set aside a few units for emergency housing for domestic abuse situations for the same reason.

Had only one issue in the past due to an abusive ex BF who now has a restraining and no response order on them.

I include a list of standard charges for things not cleaned and items commonly broken/abused by the tenants and have them sign off on it (i.e. drywall repair, holes in carpet, broken doors/locks, broken window screens, oven/tub not cleaned).

Use the cheap stuff if you the landlord does not cover power.The cheap appliances will take abuse and will not depreciate as much as the high end stuff.