It's called Real Estate Investors' Hard Hat Tours.

Check your local board and state rules, but you would have a vested interest in the property so you would need to let other agents know this when calling on and showing the homes more then likely.

And have not gotten any calls from the yellow letters/cards that I've sent out to the list.

They called him a few weeks later before it was relisted to see if he was willing to buy at his last bid.

This special exception is called the "net passive loss allowance" and is limited to a maximum of $25K.  

As far as he should be concerned, is that all of his 'landlording' duties are taken care of to the point that he can forget about this property, until you call him in a few years to congratulate him on selling the property. 1. 

Try calling Ana & Herman Ordonez.

@Jay HinrichsYes it can be called a business with a real estate component.

They take calls 24/7 for the rentals, and they can do rehabs with a roofers license, and they are good and fast.   

Always consult your attorney, and have them draw this up- or at least make a call to see if it is possible when structured this way in NJ.