Of course I keep entities separate in all legal and financial aspects. 

(Making judgements based on family status, number of kids, medical animals, etc etc..)4) When you get that first repair call 10pm Saturday night for a leaking roof or water heater do you have a trusted/dependable guy to call and get it fixed that night?

This building needed new roofing.

Every aspect of real estate is syndicated from ATM machines, farms, to multifamily to debt funds. 

The house has some great pros:• Newer 2000's home with renovations in the last 4 years• Renovations include: paint, lvp, toilets, vanity, ceiling lights/fans, roof and HVAC• Tenants look like they are up keeping the house decently.

Here’s a quick checklist to cover your bases:Property Condition: Get a thorough inspection to assess major items like the roof, foundation, and HVAC—this helps you plan for any big repairs.Financials: Account for all costs, including taxes, insurance, maintenance, and property management fees if applicable.

He self-manages, is his own handyman and had to pull out the little equity he gained to pay for roofs and HVAC. 

Depending on the exact location, age, roof construction type, etc, there definitely could be a few things to watch out forAssuming the roof is of a reasonable age, it's still more than possible to cash flow with these properties, even after accounting for recent increases in insurance rates that we've seen.

“Free Lunch” Aspect: Essentially, REPS does provide a “free lunch” in the sense that you can use real estate losses to offset active income now and still have future gains taxed at favorable passive rates.

However, it's been my experience that the "take it or leave it" route is the best way to deal with students in pretty much every aspect.