He must have spent gobs of time and money every year maintaining the books and the structure. 

I suggest you enter private money goldmine in search botton at top right of the screen and read the previous posts....here is one that gives good perspective as well as a link to legitimate private lenders.http://www.biggerpockets.com/forums/92/topics/1488...

You are referring to "no money down" real estate.

As for being a hard money lender.

We had a plan to build a large real estate portfolio and then sell it in five years and divide the money.

I figured why not just use a banks money instead of using a customers money and not have to deal with picky customers.

When I did my research for buying my properties in Costa Rica, I had one of the big STR management companies like Evolve analyze my potential profits and I used that info to raise money through bringing on partners to buy the properties. 

For example, if I send my son money for books, can I do so as a property manager fee so that this is also tax deductible.4) If my son, finds the monthly payment to be to much while he is in school and I end up shouldering some of the costs, how long per IRS rules can I carry a loss on the property.Any help would be greatly appreciated.Thank you.

.- **Proactive maintenance**: Regular inspections and quick resolution of maintenance issues to keep tenants happy and properties in good condition- **Transparent reporting**: Clear and detailed financial reports so you know exactly where your money is goingIf your current PM isn’t meeting these standards, it might be worth exploring other options.

With companies pouring money into EV and semiconductor production, job growth is picking up, which will only increase demand for housing in the long run.