But there are not lots of Residents at Troy Beaumont(maybe with OU MEDICAL School established thats different).I sold my FIRST condo I bought in 2013 in 2015 I paid $55k sold it for $86k.

No matter how you've purchased a piece or how you've transitioned it entity wise, It's eligibility for 1031 will be established at the point of sale. 

However, the mistake I see a lot of investors make and one that I am trying to avoid is the mistake of confusing investing with gambling.

If the place is empty and you are willing to gamble, offer to send them the keys back with a deed in lieu of foreclosure.

You need to establish a record of what's going on.

btw, my long term goals is just become established in my area in rehabbing and rental properties.I can't stand being stuck in doors and I love being hands on, so getting into the REI and rehabbing projects will allow me to have that and earn a living while doing so.

The general partner may be subject to Self-Employment Tax.LLC taxed as an S-Corp you will pay ordinary tax; however, once you have an established income the IRS likes to see that individuals are paying the operators a "reasonable salary" for the work being done.

My advice would be to establish a written plan as a group.

Once you find your WHY, you will be able to establish goals that support that purpose easier and once you have your goals, your investing criteria become clear.

For me, I have invested just enough to be able to learn the low-end/Sec 8 rental market and monitor/establish a network in the city.