Then Assigned REC 2009 to Assignee; MERS, a Delaware Corp. its successors or assigns, as nominee for CitiMortgage, Inc. and then FURTHER Assigned numerous times subsequently thereafter with the most recent Assignment REC 7-2023Its been non-performing for years and its a residential home that is occupied (presumably by the original Note payor) Since You Referenced it - AND for the benefit of others here is a Snippet Article on the BOA Vs Greenleaf Maine Court Decision - Titled Maine's Greenleaf Decision Creates Mortgage "Insecurity" for MERS https://casetext.com/analysis/maines-greenleaf-decision-crea...

Although we've been successful my position and rewards have not met my expectations, so I decided to apply all my Years of experience in designing Architectural, Civil, Electrical, Plumbing, Structural and Solar and also my years of Construction Estimating to Real estate and rental property investments.

@Michael De OliveiraNot normally... 

I understand that a Delaware Statutory Trust (DST) does not have this downside, but I seldom hear of DST in real estate conversations.

If you have a desire to keep your identity private, as some investors do, I would recommend setting up a CT LLC with another state LLC as the sole member (DE is a good one).

, and @Paul De Luca, thank you all for chiming in.

There also looks to be issues where gaming has expanded with a bailout in Delaware and financial issues in other states (granted bankruptcy is very common even with successful companies as Caesars globally is doing right now) but the point is you need much more than just gambling. 

By the way, this is the statement you are supposed to include in your tax return each year if you want to do this:Section 1.263(a)-1(f) de minimis safe harbor electionTaxpayer’s name: Taxpayer’s address: Taxpayer’s identification number: The taxpayer is hereby making the de minimis safe harbor election under section 1.263(a)-1(f).

I live in Delaware but I'm from PR which is also my focus for REI.  

Unfortunately you're over simplifying it and you can't just use your interpretation of what makes a pass through override actual IRS  tax code. lol, not over simplifying it, read on, this isn't the first tax attorney's blog I've read that states you CAN do this in an LLC or a SP, etc.http://sctaxlawyers.net/the-new-20-pass-through-de...https://www.nolo.com/legal-encyclopedia/how-the-re...For landlords, the most stunningly good provision of the TCJA is a new tax deduction for owners of pass-through businesses.