Doctors used to buy old apple farms for this reason.Most of the tax shelter benefits went away.But at his age, he might not be looking for more income.

You may want to look into getting real estate license soon however for the benefits of MLS.

Additionally, you will get GREAT tax benefits.  

I also pointed out that her mom had owned the house for about 15 years and probably had a basis of about $135,000 and with the stepped up basis she could sell now with no capital gains but if she rented it for a couple of years she would lose that benefit.

Essentially the bank and FHA is trying to make sure that it make sense. e.g.

Wondering how that would work since I've owned it for 4 years now.Unfortunately there is no benefit to you unless you have a buyer that is wanting to "substantially improve" the condo, i.e. double the improvement basis. 

They approach I really like is essentially becoming the "Digital Mayor of your Town and or City" as termed by Gary Vee.Now if you are not familiar with what that means I give you the run down What really traditional marketing would be is, *forgive me if I exaggerate a bit*,  just plastering yourself in everyone's mind as, that's Joe the real estate agent, he seems to be everywhere I go. 

The moment I personally changed my thought process from fearing debt to using it as a means of acquiring performing assets, my entire business reaped the benefits.  

Am I stupid to think that ,if the note is getting paid with no money out of your pocket, you are essentially "making" money?

A lot of our clients want to talk to us about investing and the benefits of long term or short term renters, and we direct them all to Colorado Springs (looks like @Jennifer B. likes the Springs too.)