You are not perpetuating a slum, per se.

My kids went to SE Raleigh HS a decade ago.

There is an insane amount of new SFR construction going on around the edges of the city (Vail in the SE, Marana in the NW, and huge swaths of new construction in the middle just south of I-10), I suspect driven by developers hoping to capitalize on the growth here.

@Corinna Gossner , You should not be putting the Triplex in the S-corp for so many reasons that you can read on other posts.The rental income is not subject to SE tax no matter where it comes from ( LLC or Scorp).Both LLCs and S-corp is a pass-through entity, this loss flow to you the same way and carried forward.

@Kris Zabish , Looks like you already have an S-corp that is helping you avoid SE taxes on your net Income. 

I know SE Florida is seasonal anywaysBeing that your Broker contact is new at it, I think partnering locally with a PM is a great idea, I just don't know of any in Long Beach. 

I think the owner may be out of the deal per se but correct me if I'm wrong @Shaun J. are @Najee Hoggard best options to try and wholesale with the bank if nothing can be done for the owner? 

Its generally not smart to take passive rental income and turn it into salaried SE income but may make sense for specific purposes like funding a solo 401 or IRA.Mine has a very generic sounding name so it wears many hats. 

@Andrew ReidIt doesn't have to be TURNKEY per se.

Also, if there are any RE groups in the SE Wisconsin area, let me know.