I believe the issue raised from the property manager's failure in the initial tenant screening. 

Nothing like playing with someone else's money and learning from their failures.

The IRS could come along and hit the S-Corp with penalties and fees for failure to do so.

It keeps you from having a single point of failure and keeps your GC honest because you know what the other GC you hired is charging you for work.  

Inaction—that is, failure to do something with the property or nonuse of it—is not enough to demonstrate that the owner has relinquished rights to the property, even if such nonuse has gone on for a number of years.

I would be very interested to hear of any successes (or failures) involving the new casino though. 

{Note: in the Agreement of Purchase and Sale we use, such a material failure to disclose would render the contract void at the buyers discretion}. 

I find that a failure spurs me into further research to avoid making similar mistakes and often is the catalyst to finding an idea or investment that I never would have considered without that setback.6.Seek out more experienced investors that can help guide you.

If you've been in real estate, you know people find success and failures in all shapes and sizes.

Failure is not an event.